Cebu has retained its reputation to be the richest province in the Philippines.
According to Cebu Gov. Gwendolyn Garcia in her State of the Province Address (SOPA) at the Cebu Provincial Capitol Science Hall, the country’s province Cebu’s net assets have reached a total of PHP 309 billion as of December 31, 2023.
This meant that the province grew in wealth with a significant increase of PHP 74 billion from last year.
During her speech, she said Cebu’s revenue increased by around PHP 1.1 billion, including the collection fees, increasing by 77 percent from last year to PHP 181.9 billion.
Locally sourced revenues also increased by 12.72 percent, which amounts to PHP 2 billion.
She also addressed the decline of PHP 500 million from the national tax allocation in 2023, but Cebu was able to boost its local tax collection efforts.
Because of the province’s strong financial portfolio and transparency and accountability in managing, disbursing, and utilizing funds, Cebu was awarded the Seal of Good Financial Housekeeping by the Department of the Interior and Local Government in January 2024.
Garcia’s SOPA also discussed other areas of growth in the province, including infrastructure, health, agriculture, heritage, international collaboration, and more.
