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COA says Cebu richest PHL province in 2014 with Php 28.181-B equity

CEBU CITY, Nov. 21 (PNA) -- Cebu Province, with an equity of Php 28.181 billion, was the richest province in the country in 2014, a Commission on Audit (COA) annual financial report said.

Cebu Governor Hilario Davide III said he was glad about the province doing well in equity and assets in the COA report.

“Well, that probably explains why we are the third most competitive province in the country,” Davide said.

He said the Department of Interior and Local Government has recognized Cebu and granted the province the seal of good governance.

Cebu was followed by Rizal with Php 6.715 billion in equity and Cavite with Php 4.918 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 Php 7.855 billion in 2014.

Cebu City is the only city in Region 7 that made it to the top 10.

Makati City is the richest city with Php 34.461 billion.

Among towns, Cainta in Rizal Province, with Php 1.819 billion, ranked first in equity.

Cebu Province also reported the largest assets, at Php 29.695 billion.

Quezon City, with assets of Php 47.687 billion, and Cainta of Rizal, with assets of Php 2.826 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 Php 3.33 billion, followed by Bulacan with Php 3.25 billion and Cebu with Php 2.76 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 Php 8.87 billion. Only the cities of Quezon with Php 15.77 billion and Manila with Php 9.38 billion had bigger liabilities.

Among the provinces, the top three on the liabilities list were Bohol with Php 3.59 billion, Negros Occidental with Php 2.78 billion and Bulacan with Php 2 billion. (PNA)

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