Cebu Is Richest Province In Rp

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Cebu is richest province in RP Cebu City has biggest debtsBy Doris C. Bongcac, Marian Christie CodillaCebu Daily NewsFirst Posted 09:36:00 11/01/2008WHEN it comes to fiscal performance, the Cebu provincial government owns bragging rights as the richest province in the country with assets of P16.1 billion.A report released by the Commission on Audit (COA) showed that Cebu province tops the rest of the provinces with P1.62 billion in income, cash in banks amounting to P1 billion and total equity worth P15.5 billion.In contrast, Cebu City tops the country in total liabilities reaching P5.739 billion, weighed down by debt payments for the reclamation project of the South Road Properties.Cebu City is followed by Manila and Caloocan in the size of liabilitiesThe COA report, published in a national paper, shows highlights of the financial statements of 80 provinces and 135 cities around the country.Cebu province is followed by Rizal province in region 4 with P3.9 billion in assets and Bulacan with P3.39 billion in assets.In terms of current assets, Cebu province ranks second with P1.3 billion to Isabela province which has P1.38 billion.It also received the second biggest Internal Revenue Allotment (IRA) share of P1.1 billion and ranked third in highest income earned with P1.6 billion.Cebu province was third in revenue generation with P1.66 billion behind Occiental Negros with P1.67 billion and Bulacan with P1.81 billion.However Cebu province also ranked third among the biggest spenders in the country with P1.3 billion which resulted in a net income of P314.5 million.Negros Occiental and Bulacan spent P1.37 billion and P1. 41 billion respectively.Cebu City is followed by Manila and Caloocan in the size of liabilities.A substantial portion of the Cebu City government's liabilities is tied to the South Roads Properties (SRP), which has started to draw in multi-billion peso development deals from developers like Filinvest.Read more on this story

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