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CEBU City – With a net worth of P28.53 billion, Cebu is the richest province in the Philippines, according to the Commission on Audit (COA).
It had P30.33 billion in assets and P1.8 billion in liabilities, the COA said in its Annual Financial Reports for 2015.
In 2014 Cebu also topped the COA’s report with a net worth of P28.181 billion.
In the 2015 COA report, Rizal was second richest with a net worth of P8.11 billion.
Negros Occidental followed with P5.6 billion; Laguna, P5 billion; Negros Oriental, P4.6 billion; Pangasinan, P4.76 billion; Cavite, P4.59 billion; Batangas, P4.5 billion; Leyte, P4.45 billion; and Pampanga, P4.24 billion.
Gov. Hilario Davide took pride in his province.
He gave credit to the provincial government’s efficient tax collection and clear priorities on spending, especially on infrastructure, health and livelihood.
Davide stressed that his administration is not in the business of banking or accumulating assets but spends only on what is necessary and does not pay for nonessential things.
Cebu accumulated huge assets not because it did not spend on projects but because it did not waste money, he said.
“I assure the Cebuanos that for as long as I am your governor, your money and taxes are safe,” Davide said. (PNA)
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