COA: Cebu, Makati richest LGUs

Consistent topnotchers Cebu and Makati have again ranked first in the Commission on Audit’s (COA) list of provinces and cities with the highest net worth for the year 2015.

These findings were contained in the COA’s 2015 Annual Financial Report for Local Government Units, which was transmitted to the President.

Among the provinces, Cebu had assets worth P30.33 billion and liabilities of P1.8 billion, giving it a net worth of
P28.53 billion.

The net worth of the second richest province, Rizal, was far off at P8.11 billion. Rounding out the list were: Negros Occidental, P5.6 billion; Laguna, P5 billion; Negros Oriental, P4.96 billion; Pangasinan, P4.76 billion; Cavite, P4.59 billion; Batangas, P4.5 billion; Leyte, P4.45 billion; and Pampanga, P4.24 billion.

Poor provinces

The provinces with the lowest net worth were: Basilan, P234 million; Sulu, P301 million; Batanes, P334 million; Dinagat Islands, P345 million; Davao Oriental, P428 million; Biliran, P520 million; Camiguin, P549 million; Mountain Province, P561 million; Occidental Mindoro, P599 million, and Romblon, P634 million.

The financial hub of Makati City did not top the list of cities in terms of assets or liabilities (P49.5 billion and P11.98 billion, respectively). But it had the biggest net worth among the country’s cities at P37.52 billion. Net worth is the balance between assets and liabilities.

Quezon City topped the list of cities in terms of assets at P51.65 billion, but this was offset by its liabilities worth P14.24 billion. Its net worth of P37.41 billion ranked the country’s most populous city a close second to Makati.

Other cities with significant net worths were: Pasig City, P22.3 billion; Manila, P16.26 billion; Cebu City, P8.12 billion; Zamboanga City, P7.78 billion; Caloocan City, P7.06 billion; Pasay City, P5.83 billion; Calamba City, Laguna, P5.63 billion; and Taguig City, P5.42 billion.

President Duterte’s hometown Davao City ranked 14th, with a net worth of P4.28 billion.

Poor cities

Malolos City, the capital of Bulacan, had the lowest net worth of P214 million. Other cities with low net worth include: Lamitan City, Basilan, P245 million; Cauayan City, Isabela, P310 million; Ilagan City, Isabela, P346 million; Iriga City, Camarines Sur, P386 million; Calapan City, Oriental Mindoro, P388 million; Olongapo City, Zambales, P389 million; Silay City, Negros Occidental, P402 million; El Salvador City, Misamis Oriental, P408 million; and San Carlos City, Pangasinan, P416 million.

Olongapo City is notably classified as a highly urbanized city. It has assets worth P6.99 billion, but its liabilities also amount to P6.6 billion, leaving it with a low net worth.

Among municipalities, Cainta, Rizal, had the highest net worth of P1.89 billion. Two other municipalities breaching the P1-billion mark were Sto. Tomas, Batangas, and Limay, Bataan, with P1.2 billion and P1.16 billion, respectively.

General Trias, Cavite, which only became a city in December, ranked fourth in the list of top municipalities, with an net worth of P947.48 million. Other high net worth municipalities were: Silang, Cavite, P946.18 million; Mariveles, Bataan, P865.11 million; Carmona, Cavite, P819.98 million; Caluya, Antique, P764.76 million; Binangonan, Rizal, P728.64 million; and Tanay, Rizal, P712.66 million.

Meanwhile, the National Capital Region held a wide lead over the country’s 16 other regions in terms of net assets, having a net worth of P159.49 billion. Other high net worth regions included: Calabarzon, P92.86 billion; Central Visayas, P64.76 billion; Central Luzon, P53.98 billion; and the newly-created Negros Island Region, P36.65 billion.

The poverty-stricken Autonomous Region in Muslim Mindanao was on the other end of the spectrum, with P4.84 billion in net worth. Others regions were: Cordillera Administrative Region, P16.32 billion; Davao Region, P20.28 billion; Mimaropa, P21.49 billion; and Soccsksargen, P22.81 billion.