Cebu remains debt-free, boasts of P6 billion cash on hand, P310 billion in assets

Local

CEBU Governor Gwendolyn Garcia has announced that the provincial government currently holds P6.015 billion in available cash on hand, alongside total assets amounting to P310 billion, ahead of the upcoming leadership transition at the Capitol.

A report by Sugbo News, Capitol’s social media arm stated that during a meeting with reelected, outgoing, and incoming members of the Cebu Provincial Board on Tuesday, May 20, Garcia emphasized that the province remains debt-free, with no active loans from financial institutions.

The Provincial Treasurer’s Office reported that the current bank balance is distributed across several funds: P2.79 billion in the General Fund, P1.13 billion in the Special Education Fund, P1.88 billion in the Trust Fund, P195.5 million in the Settlement Account, and P1 million in the Easy Account.

Garcia also noted that the province continues to earn from interest on overnight bank placements.

Since July 2024, these placements have generated P195.7 million in income for the Capitol.

With Cebu still ranked as the wealthiest province in the country, Garcia took the opportunity to brief the incoming board members on key programs initiated under her administration.

She urged them to sustain initiatives that have contributed to improving the welfare of Cebuanos, including Sugbo Kahanas, Sugbo Negosyo, Early Childhood Development (ECD), Caravan of Services, Sugbusog, and the Sugbo Medical Board (SMB).

“For the past six years, we have really accomplished a lot, precisely because of the board members, because they were a big help—especially the vice governor,” Garcia said.

Vice Governor Hilario Davide III, who is also stepping down, welcomed the new members and reflected on his two terms in office, citing the unity among board members as key to their smooth working relationship.

“We decided not to have a majority and minority floor leader—just one floor leader. I hope you will keep it that way,” Davide said, adding that he is proud to have worked alongside dedicated and hardworking public servants.

Davide also commended Garcia’s leadership, saying he witnessed her efforts in uniting both elected and career officials while delivering tangible results for the province.

Incoming Vice Governor Glenn Anthony Soco assured the newly elected board members of an inclusive leadership that is open to dialogue and focused on continuity.

“We are ready to work, to listen, and to continue what has already been built for the good of the Sugboanons,” Soco said.

Garcia lost her bid for a sixth term as governor to Governor-elect Pamela Baricuatro, who garnered over 1.1 million votes, surpassing Garcia’s tally of around 800,000 votes.

Meanwhile, Davide was defeated in his congressional run in Cebu’s Second District by incumbent Representative Edsel Galeos, who received 91,984 votes compared to Davide’s 60,111.(MyTVCebu)