Cebu richest in equity, Negros highest income earner

BACOLOD CITY, Philippines – Cebu may be the richest province in the country in terms of equity, but Negros Occidental has the highest income, according to the 2014 Annual Financial Report of the Commission on Audit (COA).

Negros Occidental is also the fourth richest province in terms of equity.

Income includes the internal revenue allotments and fees collected for permits and services. Equity is the difference between a local government’s assets and liabilities.

For provinces, Negros Occidental posted an income of P3.332 billion in 2014; followed by Bulacan with P3.256 billion; Cebu with P2.768 billion; Cavite, P2.757 billion; Pangasinan, P2.753 billion; Rizal, P2.741 billion; Laguna, P2.687 billion; Nueva Ecija, P2.599 billion; Batangas, P2.589 billion, and Quezon, P2.393 billion.

Cebu topped the provinces in terms of equity with P28.181 billion. It is followed by Rizal with P6.715 billion; Cavite, P4.918 billion; Negros Occidental, P4.741 billion, and Laguna, P4.474 billion.

Negros Occidental Gov. Alfredo Marañon Jr. was happy to learn about the COA report.

“It’s a matter of how we manage the province. Like a corporation, what we sell is services to the people,” Marañon said.

He said the report shows Negrenses are cooperative in paying their taxes.