The Commission on Audit (COA) has once again affirmed the Province of Cebu as the wealthiest local government unit in the country, holding the top spot for an 11th consecutive year based on its 2024 Annual Financial Report.
Cebu’s financial strength is underscored by its total assets, which have grown to a staggering ₱339.85 billion, reflecting a roughly 12% increase from 2023. More impressively, after accounting for liabilities, the province’s net worth or equity stands at ₱336.42 billion.
This figure places Cebu far ahead of other provinces, with its total assets being over seven times larger than second-placer Rizal Province (₱44.10 billion in assets). Provincial officials attribute the significant increase to a comprehensive reappraisal of its real estate properties.
The data solidifies Cebu’s unparalleled economic position among the country’s 81 provinces.
