CEBU CITY – The province of Cebu remains the richest province in the country according to the 2021 annual financial report of the Commission on Audit (COA).
The COA report showed that Cebu’s assets in 2021 reached 215.27 billion pesos – the only province in the country to cross the 200 billion peso mark in terms of assets.
The province’s assets in 2021 increased by 2 billion pesos compared to 2020.
The province’s total assets in 2020 stood at 213 billion pesos.
The province’s equity also increased from 208 billion pesos to 209.4 billion pesos. Equity refers to the total amount of assets with liabilities already deducted.
Reacting to the recent COA report, Cebu Governor Gwen Garcia said being the wealthiest province should be felt by Cebuanos.
“Well, we are the richest, but as I keep saying, that kind of honor is empty if people don’t feel that the provincial government is working for them, especially reaching out to those who have the no more help,” Garcia said. when he was interviewed by reporters on the sidelines of the Ministry of Tourism Industry Convergence at the SMX Convention Center in Pasay City on Monday evening, October 17.
Rizal (28.7 billion pesos), Batangas (26.3 billion pesos), Davao de Oro (19.7 billion pesos), Bukidnon (16.8 billion pesos), Ilocos Sur (15 billion pula) , Cavite (14.3 billion pula), Leyte (13.2 billion pula), Isabela (12.7 billion pula) and Iloilo (15.8 billion pula).
The cities of Cebu and Mandaue are also among the 10 wealthiest cities in the COA in terms of assets.
Cebu City ranked sixth with assets of 33.3 billion pesos. Mandaue ranked seventh, with assets of up to 33 billion pesos.
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