WITH a net worth of P28.53 billion, Cebu is still the richest province nationwide, according to the Commission on Audit’s (COA) Annual Financial Reports for 2015.
Among the cities, Cebu City was fourth, with a total of P32.409 billion. However, it’s number one in the list of cities with the most liabilities, at P24.29 billion, mostly because of its foreign loan for the South Road Properties (SRP).
“Garbo nato nga gipahibaw nga ang Sugbu maoy usa sa pinakadako nga natigum,” read Gov Hilario Davide text when sought for his reaction.
According to COA’s 2015 Annual Financial Report for Local Government Units, which was transmitted to President Rodrigo Duterte last Sept. 28, Cebu had P30.33 billion in assets and liabilities worth P1.8 billion, which resulted in a net worth of P28.53 billion.
Gov. Hilario Davide III said they saved this much because of Capitol’s efficient tax collection. The Capitol also has clear priorities on spending, like infrastructure projects, health and livelihood projects, he said.
Davide said his administration is not in the business of banking, or accumulating assets.
The Capitol only spends on what is necessary and does not spend on non-essential things, he said.
“Pasanginli lang ko’ng tihik, basta dili lang klepto (Accuse me of being miserly as long as you don’t accuse me of being a thief),” he said.
Second to Cebu is Rizal with P8.11 billion; Negros Occidental, P5.6 billion; Laguna, P5 billion; Negros Oriental, P4.6 billion; Pangasinan, P4.76 billion; Cavite, P4.59 billion; Batangas, P4.5 billion; Leyte, P4.45 billion; and Pampanga P4.24 billion.
Davide said Cebu was able to accumulate huge assets not because it did not spend on projects, but because it did not waste money.
This only proves his administration can be trusted, he said.
“Pasalig nako sa mga Sugbuanon nga samtang ako pa ang inyong gobernador, luwas ra ang inyong kwarta ug buhis (As long as I’m governor, your money and taxes will be in good hands)” read Davide’s text message.
Cebu also topped COA’s report in 2014, with a net worth of P28.181 billion.
In the list of cities with substantial assets, Quezon City topped the 2015 list with P51.65 billion, followed by Makati with P49.5 billion, Manila with P33.1 billion, Cebu City, and Pasig City with P24.95 billion.