For the 7th consecutive time, Cebu is still the richest province in the country.
This was shown in the recently released report of the Commission on Audit of its 2020 Annual Financial Report for Local Government Units .
The province posted a total of P213,005,750,000 in assets. This is roughly P9.5 billion higher compared to the assets they registered in 2019, COA reported. While the Capitol has yet to issue its official statement on this development, it can be recalled that Cebu’s total assets grew by more than 400 percent in 2019.
Cebu City ranked as the 5th richest city in the country, next to Pasig City, after recording total assets of P34,754,360,000 in 2020.But Mandaue City is wealthier than Cebu City in terms of equity.
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