Pam says richest province tag must be felt by Cebuanos

Local

CEBU Gov. Pamela Baricuatro questioned the significance of being the country’s wealthiest province, saying the title means little if residents do not feel its benefits.

On Wednesday, Dec. 17, Baricuatro addressed the Commission on Audit’s (COA) 2024 Annual Financial Report, which ranked Cebu as the richest province in the Philippines.

The report showed the province posted a net worth of P336.42 billion in 2024, with total assets of P339.85 billion and liabilities of only P3.43 billion.

“The appraisal of land was included. We already talked about this during the campaign,” Baricuatro said, explaining that the province’s higher figures compared to other provinces stemmed largely from including land appraisals in asset valuations.

"We’re the only one who did it. I don’t know how they got away with it," she added.

Baricuatro added that her recent discussions with other governors confirmed that many provinces did not account for land appraisals in their reported assets.

“Because I was just talking with the other governors. They didn’t include the appraisal of lands in their assets. So, mao na nga taas kaayo ang Cebu,” she said.

Despite Cebu’s top ranking for the 11th consecutive year, the governor emphasized that the province’s wealth remains largely on paper.

“What’s the point? We have all the assets, and we’re not making use of them. Mao na wala na feel sa mga tawo ang atong pagka-rich kay naa ra diha ang lands, high-value properties nga wala gigamit,” she said.

Provincial officials said the sharp increase in Cebu’s assets, from about P303 billion in 2023 to P339.85 billion in 2024, a 12.2 percent rise was due to reappraisal of government-owned real estate.

Equity, representing assets minus liabilities, accounted for more than 99 percent of total assets, reflecting strong financial stability and low debt exposure.

By comparison, Rizal ranked second nationwide with total assets of P44.10 billion and equity of P40.84 billion.

Other top provinces included Camarines Sur, Batangas, Cavite, Ilocos Sur, Davao de Oro, Iloilo, Negros Occidental, and Bukidnon, though their asset bases remained far below Cebu’s.

At the city level, Mandaue City remained among the country’s wealthiest, ranking ninth nationwide with P35.78 billion in assets and equity of P34.9 billion. Cebu City placed 12th with assets of P31.4 billion but equity of only P18.3 billion due to liabilities of P13.1 billion.

COA’s report serves as a benchmark for local governments, allowing provinces and cities to compare fiscal performance and overall financial health with their peers.(MyTVCebu)