Cebu Dominates Again: How the Province Became the Philippines’ Richest for the 11th Straight Year
CEBU – The latest financial data shows Cebu widening the gap between itself and other provinces, with asset figures reaching record-breaking levels.
The Province of Cebu has once again secured its position as the wealthiest province in the Philippines, maintaining a title it has held for more than a decade. Based on the 2024 Annual Financial Report released by the Commission on Audit (COA), Cebu recorded a remarkable net worth of P336.42 billion, making it far ahead of all other provinces nationwide.
For 2024, Cebu’s provincial government reported total assets amounting to P339.85 billion. This figure reflects a significant increase of around 12 percent compared to the previous year. In 2023, the province’s assets were valued at approximately P303 billion, highlighting steady financial growth and improved valuation of government-owned properties.
Photo Source: Pinoy Adventurista
Despite its massive asset base, Cebu’s liabilities remained relatively minimal. The province recorded liabilities worth only P3.43 billion, resulting in an equity of P336.42 billion. Equity refers to the remaining value after liabilities are deducted from total assets, underscoring Cebu’s strong financial standing and fiscal stability.
Photo Source: Sunstar
Other provinces that ranked high in terms of wealth include Camarines Sur, which recorded P33.23 billion in assets and a net worth of P28.56 billion, and Batangas, with P32.61 billion in assets and P26.74 billion in net worth. While these provinces show strong financial performance, they remain far behind Cebu’s overall valuation.
This marks the 11th straight year that Cebu has topped all 81 provinces in the Philippines in terms of total assets. Provincial officials have attributed the sharp rise in asset value to the government’s decision to conduct a comprehensive reappraisal of real estate properties, which significantly boosted reported figures.
Cebu’s continued financial leadership reflects effective asset management and strategic valuation, reinforcing its role as a key economic powerhouse in the country.
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