MANILA, Philippines – The province of Cebu is the richest province in the Philippines in terms total assets, according to the 2018 annual financial report by the Commission on Audit (COA).
COA said in its report uploaded in their website last Tuesday that Cebu topped the list with a P35.65-billion worth of total assets, followed by Compostela Valley (P19.61 billion), Batangas (P18.18 billion), Rizal (P18.07 billion), and Bukidnon (P15.27 billion).
Bukidnon was followed by the provinces of Negros Occidental (P14.46 million), Laguna (P11.58 billion), Iloilo (P11.44 billion), Palawan (P11.27 billion), and Zambales (P11.24 billion).
Reports said this is the fifth consecutive year that Cebu was named richest province in the country. The province is composed of 53 local government units — 44 municipalities, six component cities, and three independent cities — Cebu, Lapu-Lapu, and Mandaue.
On Wednesday, it was reported that Makati City remains to be the richest city in the Philippines, with over P230 billion worth of assets. Next to Makati is Quezon City, with P87.28 billion. /jpv
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