Cebu is considered the premier province in the Philippines having maintained its status as the country’s wealthiest province for a decade now by the Commission on Audit.

It has retained its position as the wealthiest province in the Philippines with total assets of PHP 309.8. billion as of 2023. It is the only province in the country that has assets breaching the P200 billion mark.

According to the government audit office, the wealth of the province is based on their total assets, which include cash and investments, properties and receivables. It further said that the wealth of the province is a reflection of their economic activity and development.

It is the largest island (total landmass) in the Visayas and is known for its rich Spanish colonial past. It is located in Central Visayas region, bordered to the east of Negros and to the west of Leyte and Bohol.

As one of the Philippines' most developed provinces, Cebu serves as a premier destination and a global hub for shipping, furniture and handicraft manufacturing, business processing services, heavy industry, and tourism. It is currently regarded as the most vibrant island in the Philippines, drawing many domestic and international travelers.