The Commission on Audit (COA) has once again verified in an official report what is common knowledge in Cebu: the Cebu Province is the undisputed richest province in terms of assets in the country today.
According to the Annual Financial Report of COA for 2023, Cebu still topped the list of provinces with highest value of assets pegged at around P309 billion.
For context, second-placer Rizal Province has assets pegged at P37.3 billion, or a mere 10% of Cebu’s assets.
Cebu also records the highest equity, at approximately P303.4 billion. Equity refers to the value when liabilities are subtracted from assets.
The provincial assets see an increase of up to 31% in their value for 2023, from the P235.7 billion it recorded in 2022.
This tremendous increase in value of Capitol properties is due to the fact the Gov. Gwen Garcia has been pushing for a constant updating of real estate valuation in the province pursuant to the pertinent provisions of the law.