The Commission on Audit on its 2014 annual financial report has tagged Cebu the richest province of the country. Cebu has an equity of P28.181 billion.
Cebu Governor Hilario Davide III said he was glad about the province doing well in equity and assets based on the report. “Well, that probably explains why we are the third most competitive province in the country,” referring to the seal of good governance from the Department of Interior and Local Government.
Cebu was followed by Rizal with P6.715 billion and Cavite with P4.918 billion.
The COA annual financial report is based on the financial performance reports of all 80 provinces, 144 cities, and all but 11 of the 1,490 municipalities in the country. The 11 municipalities failed to submit their reports.
Aside from Cebu, Rizal and Cavite, the other seven local government units with large amounts of equity were Negros Occidental, Laguna, Batangas, Pangasinan, Negros Oriental, Isabela and Pampanga.
Equity is the difference between a local government’s assets and liabilities.
Among high-equity cities, Cebu City ranked sixth with P7.855 billion in 2014. Cebu is the only city in Region 7 that made it to the top 10.
Makati City is the richest with P34.461 billion.
Among towns, Cainta in Rizal province, with P1.819 billion, ranked first in equity.
Cebu Province also reported the largest assets, at P9.695 billion.
Quezon City, with assets of P47.687 billion, and Cainta of Rizal, with assets of P2.826 billion, ranked first in the lists for cities and municipalities, respectively.
But Cebu Province only placed third in income. Negros Occidental reported the highest income in 2014, at P3.33 billion, followed by Bulacan with P3.25 billion and Cebu with P2.76 billion.
Income includes the internal revenue allotments and fees collected for permits and services.
Cebu Province is not on the top 10 list in liabilities, while Cebu City ranked third among cities. Cebu City’s liabilities in 2014 amounted to P8.87 billion. Only the cities of Quezon with P15.77 billion and Manila with P9.38 billion had bigger liabilities.
Among the provinces, the top three on the liabilities list were Bohol with P3.59 billion, Negros Occidental with P2.78 billion and Bulacan with P2 billion. (PNA)