NegOcc still PH’s 3rd richest province

NEGROS Occidental remained the third richest province in the country, according to the 2016 Annual Financial Report for Local Government Units of the Commission on Audit (COA).

The COA report, signed by Chairperson Michael Aguinaldo on September 25, was submitted to President Rodrigo Duterte, Senate President Aquilino Pimentel III, and House Speaker Pantaleon Alvarez.

Aguinaldo said the report contains the local government units’ financial position as of December 31, 2016, financial performance, changes in net assets/equity, cash flows, comparison of budget and actual amounts.

According to the report, Negros Occidental maintained its ranking last year while neighboring Negros Oriental, which ranked fifth in 2015, was out of the list in 2016.

The COA report showed there was an increase in the assets of Negros Occidental, from P9.40 billion in 2015 to P11.041 billion in 2016 – with P6.139 billion in equity and P4.911 billion in liabilities, making it the number one province with the most significant amount of liabilities.

Negros Occidental also topped the list of the provinces with the highest revenues at P4.726 billion.

Of the top 10 richest provinces, Cebu and Rizal also remained at the first and second spot, with total assets of P32.429 billion and P11.730 billion, respectively.

Other provinces with high net worth were Batangas with P9.978 billion; Bulacan, P8.963 billion; Palawan, P8.198 billion; Iloilo, P8.143 billion; Laguna, P7.555 billion; Nueva Ecija, P7.226 billion; and Leyte, P7.030 billion.

Newcomers on the list were Iloilo and Nueva Ecija, bumping off Negros Oriental, which has total assets of P6.920 billion, and Cavite in the top 10.

Among the cities, Quezon is now the richest city in the country with P59 billion worth of assets while Makati slid down to number two with P54.850 billion.

Manila has P36.102 billion; Cebu, P32.623 billion; Pasig, P29.899 billion; Taguig, P16.267 billion; Pasay, P14.953 billion; Caloocan, P14.701 billion; Davao, P9.898 billion; and Iligan, P9.897 billion.

Among the municipalities, Cainta, Rizal, remained the richest town with P3.510 billion worth of assets followed by Limay Bataan, with P2.540 billion; Mariveles, Bataan with P2.103 billion; Sual, Pangasinan with P2.036 billion; Sto. Tomas, Batangas with P1.513 billion; Claver, Surigao del Norte with P1.475 billion; Binangonan, Rizal with P1.465 billion; Polomok, South Cotabato with P1.433 billion; and Taytay, Rizal with P1.372 billion.

For Negros Occidental, Bacolod, the lone highly-urbanized city in Negros Island, topped the list of cities with high net worth at P4.443 billion, with P3.240 billion in assets and P1.203 billion in liabilities.

It is followed by Kabankalan City with P3.194 billion in assets; Cadiz with P2.413 billion; San Carlos City with P2.373 billion; and Sagay City with P1.803 billion.

The richest municipalities in the province, on the other hand, are Cauayan with P697 million worth of assets followed by Binalbagan with P546 million; Calatrava with P536 million; Murcia with P433 million; and Hinigaran with P426 million.

The richest region in the country, based on the COA report, is National Capital Region with P280 billion worth of assets while the Autonomous Region in Muslim Mindanao posted the lowest net worth with P2 billion.

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