Cebu Province maintained, for the tenth time, the title of the wealthiest province in the entire country. This is based on the annual financial report of the Commission on Audit (CoA) for Local Government Units in 2023.
The assets of Cebu Province were valued at P309.9 billion, a significant increase from P235.7 billion in 2022 and P215.27 billion in 2021.
In terms of financial performance, CoA said that Cebu Province had P6.7 billion in revenue and P3.5 billion in expenses in 2023.
The Province of Rizal placed second with P39.8 billion in assets, while Camarines Sur Province ranked third with P33.4 billion.
Batangas Province followed in fourth with P32.5 billion; Davao de Oro (P23.4 billion); Cavite (P22.9 billion); Ilocos Sur (P21.95 billion); Bukidnon (P21.6 billion); Negros Occidental (P21 billion); and Pampanga (P20 billion).
Toledo City, as a component city of Cebu, was the wealthiest with P4.1 billion, followed by Danao City (P3.2 billion); Talisay City (P2.9 billion); and Bogo City (P2.3 billion).
Quezon City maintained its status as the richest city in the country with P448.5 billion, followed by Makati City (P243.4 billion); Manila (P85.9 billion); Pasig City (P53.7 billion); Taguig (P51.5 billion); Parañaque (P35.5 billion); Mandaue City (P35.3 billion); Mandaluyong (P33.9 billion); Davao City (P32.8 billion); and Cebu City (P20.7 billion).