CEBU CITY, Philippines—Cebu is still the wealthiest province in the Philippines, based on latest findings from the Commission on Audit (COA).In its 2021 Annual Financial Report, COA ranked Cebu
CEBU CITY, Philippines—Cebu is still the wealthiest province in the Philippines, based on latest findings from the Commission on Audit .
In its 2021 Annual Financial Report, COA ranked Cebu as the richest province in terms of equity and assets. This is the eighth consecutive time Cebu, the most populous province in Central Visayas and considered a center of economic and commercial activities in the region, became the country’s wealthiest province.
The same report further showed that its assets totaled to approximately P215.2 billion while its equity is at P209.4 billion.Other provinces included in COA’s Top 10 Richest Provinces are Rizal , Batangas , Davao de Oro , Bukidnon , Ilocos Sur , Cavite , Leyte , Isabela , and Iloilo .Both Cebu province’s assets and net equity grew. In terms of assets, it increased from P213 billion in 2020 to P215 billion in 2021.
It can be recalled that Cebu’s total assets grew by more than 400 percent in 2019 after the Capitol decided to reappraise the value of all province-owned real properties, most of which were located in prime locations.Aside from Cebu province, other local governments here also made it to the Top 10 Richest Cities in terms of assets.Cities with the Highest Amount of Assets in COA’s 2021 Annual Financial Report, with assets totaling to P33.3 billion.
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