COA's Report: Cebu still the richest province in PH

                       For the past three years, Cebu province remains richest in the country, the 2016 Commission on Audit (COA) Annual Financial Report showed.

                       The province had total assets amounting to P32.43 billion last year, about P2 billion higher than the 2015 audit result of P30.33 million, COA said.

                      The 2016 amount is almost three times higher than that of the province of Rizal at second place, with P11.73 billion for the same year.

                      Other provinces in the Visayas which earned a spot in the 2016 top 10 list of wealthiest places were Negros Occidental at third place with P11.04 billion; Iloilo, which logged an income of P8.14 billion, ranked seventh; and Leyte at the last spot with assets amounting to P7.03 billion.

                     Aside from the three Visayan provinces, ranking below Cebu and Rizal were: Batangas (4th place) with income of P9,979 billion, Bulacan (5th place) with P8,964 billion, Palawan (6th place) with P8,199 billion, Laguna (8th place) at P7,556 billion and Nueva Ecija (9th place) with P7.227 billion.

                      The provinces of Iloilo and Nueva Ecija were newcomers in the list, displacing provinces of Cavite and Negros Oriental which were earlier listed in the top 10.
Cebu Vice Governor Agnes Magpale said she was very happy to hear about the news. She lauded everyone who has worked for such a development and cited the Provincial Treasurer’s Office and the Provincial Budget Office.

                      According to Magpale, the success of the province speaks “very well” of managed finances. She added
there were a lot of contributing factors to Cebu maintaining its position such as the yearly increase in the budget and higher tax collection.

                    Meantime, Cebu City has also remained at the fourth spot this year among the wealthiest cities in the country with assets totaling P32.623 billion.

                  The amount is up by P200 million than its total income of P32.41 billion in 2015.
Quezon City again topped the list after posting total assets of P59.56 billion. It was followed by Makati City with P54.85 billion and City of Manila with P36.10 billion.

                  Davao City, President Duterte’s hometown, has joined the roll as it ranked 9th with P9.899 billion, bumping off Zamboanga City which ranked 10th in 2015.

                 Other cities that were able to maintain their position were: Pasig City (5th spot) with P29,899 billion in assets; Taguig (6th spot) with 16,268 billion; Pasay (7th spot) with P14,954 billion; Caloocan (8th spot) with P14,702 billion; and Iligan (10th spot) with P9.897 billion.