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With P29-B net worth, Cebu is richest province

CEBU – With a net worth of close to P29 billion, Cebu remained the richest province in the country, the Commission on Audit’s 2015 Annual Financial Report for Local Government Units said.

Cebu’s net worth went up by more than P300 million this year as it had assets worth P30.33 billion with a mere P1.8 billion in total liabilities, resulting to net worth of P28.53 billion.

In 2014, Cebu’s net worth was P28.181 billion.

Cebu Gov. Hilario Davide III attributed this to efficient tax collection; the identification of priority programs, particularly on infrastructure and livelihood; and being wary and extra careful in disposing of properties.

Cebu was followed by Rizal with P8.11 billion. It was also the second richest province in 2014 with P6.715 billion.

Other provinces that made it to the Top 10 richest provinces in the country were Negros Occidental, P5.6 billion; Laguna, P5 billion; Negros Oriental, P4.96 billion; Pangasinan, P4.76 billion; Cavite, P4.59 billion; Batangas, P4.5 billion; Leyte, P4.45 billion; and Pampanga, P4.24 billion.

Among the high-equity cities, Cebu City ranked fifth with a net worth of P8.12 billion. It is the only city in Region 7 that made it to the Top 10. In 2014, Cebu City was sixth with P7.855 billion in net worth. (Mars W. Mosqueda Jr.)