Cebu still the richest province

CEBU, Philippines — For the fifth consecutive time, Cebu has emerged the richest province in the Philippines with total assets amounting to P35.66 billion according to the 2018 Annual Financial Report of the Commission on Audit.

The report states that Cebu posted an increase of P1.51 billion from the P34.14 billion in 2017.

At far second is the Compostela Valley with P19 billion, followed by Batangas with P18.1 billion and Rizal with P18 billion. The other provinces that made it to the top 10 are Bukidnon (P15 billion), Negros Occidental (P14 billion), Laguna (P11.5 billion), Iloilo (P11.4 billion), Palawan (P11.27 billion), and Zambales (P11.24 billion).

According to COA, Cebu also ranked fourth among the provinces with highest amount of total revenues in the amount of P4.64 billion. It has reported the second highest amount of expenses—P4.28 billion.

CEBU CITY

Meanwhile, Cebu City ranked fifth as the richest city with a total asset of P33.884 billion.

Mayor Edgardo Labella expressed his gratitude for the recognition, but insisted that the city should work harder.

“Aside from being the 5th richest, we shall see to it that the less privileged members of the society, their living conditions must be alleviated,” said Labella, adding that the poverty level in the city must be reduced.

He also sees the need for the city to intensify its tax collection drive and reassess proper valuation to increase its revenue.

“We will not increase the taxes. We will just have a more efficient and more effective collection of taxes. I think we can achieve that because we will undertake a relentless profiling and tax mapping over the different developments in the city,” said Labella.

“We just have to collect efficiently, honestly. Our people who are tasked to collect the taxes must be always doing the right way, in an honest manner,” he added.  FPL (FREEMAN)