The COA report, which was sent to the Office of the President on September 4, was based on the financial reports of all eighty provinces, one hundred forty four cities and one thousand four hundred seventy-nine municipalities. Eleven municipalities failed to submit a report.
Rounding up the top ten richest provinces in the country were Negros Occidental, Laguna, Batangas, Pangasinan, Negros Oriental, Isabela and Pampanga.
On the other hand, Cebu City is sixth in the list of high-equity cities in the country for 2014 with P7.855 billion. The richest city in the country is Makati with P34.461 billion. Aside from having the highest equity among all the provinces in the Philippines, Cebu also has the largest assets with P29.695 billion while Quezon City has the largest assets in the country with P47.687 billion while Cainta, Rizal ranked first among all municipalities with P2.826 billion.
While Cebu Province was not in the top ten list for liabilities, Cebu City was third among all cities in the Philippines with P8.87 billion. Cebu Governor Hilario Davide III was happy that Cebu Province was performing well in terms of equity and assets based on the COA report. The governor added that it must be the reason why Cebu is the “third most competitive province in the country and was given the seal of good governance by the Department of Interior and Local government.
He added that the achievement of Cebu was facilitated with the cooperation of the private sector the constituents of the province.