With equity of over P300B, Cebu is still PH’s wealthiest province

Local

CEBU remains the wealthiest province in the Philippines, according to the Commission on Audit's (COA) 2023 Annual Financial Report.

The province posted a total equity of P303.4 billion, marking a significant increase of 31 percent from P235.7 billion in 2022.

Cebu's continued dominance highlights its strong financial management and resource base, as emphasized by the COA report.

Rizal placed second with an equity of P37.3 billion, while Camarines Sur ranked third with P27.8 billion. Batangas followed closely with P27.1 billion, and Davao de Oro ranked fifth with P21.8 billion.

Other provinces in the top 10 include Cavite with P19.7 billion, Bukidnon with P19.5 billion, Pampanga with P17.0 billion, Ilocos Sur with P16.7 billion, and Iloilo with P16.0 billion.

The rankings reflect the provinces' financial stability, as recorded in the COA report.

The Cebu provincial government welcomed the report, attributing the increase to Governor Gwen Garcia's efforts to constantly update real estate valuations in the province, in accordance with relevant legal provisions.

Cebu's consistent lead in equity, now extending over a decade, underscores its prominent role in the nation's local government financial landscape.(MyTVCebu)