Cebu has remained the wealthiest province in the Philippines, posting a net worth of P336.4 billion in 2024, based on the latest Annual Financial Report released by the Commission on Audit (COA).
The report showed that the Province of Cebu continued to top all 81 provinces nationwide in terms of total assets and net worth for the year under review.
COA data placed Cebu’s total assets at P339.85 billion in 2024, while liabilities stood at only P3.43 billion, resulting in an equity of P336.42 billion.
The figures are contained in COA’s 2024 Annual Financial Report, a 1,233-page document formally submitted on September 24, 2025, to President Ferdinand Marcos Jr., Senate President Vicente Sotto III, and House Speaker Faustino Dy II.
For calendar year 2024, COA reported that provinces, cities, and municipalities nationwide collectively recorded P4.476 trillion in assets, P881.29 billion in liabilities, and P3.595 trillion in net assets or equity.
Within this national financial landscape, Cebu sustained its decade-long dominance as the country’s richest province based on audited government data.
Cebu’s financial growth has been steady over the years. From assets worth just over P30.3 billion in 2015, the province recorded gradual increases before a significant jump in 2019, when assets surged to P203.9 billion following a comprehensive reappraisal of provincial real estate properties.
Assets were reported at P213 billion in 2020, P215.27 billion in 2021, P235.74 billion in 2022, P309.9 billion in 2023, and nearly P340 billion in 2024.
Despite liabilities exceeding P3.43 billion, Cebu’s strong asset base kept it far ahead of other provinces in terms of net worth.
Rizal, the second-richest province, posted a net worth of P40.84 billion, supported by P44.10 billion in assets and P3.26 billion in liabilities—placing Cebu more than eight times ahead in equity.
Other provinces lagged significantly. Camarines Sur reported P33.23 billion in assets and a net worth of P28.56 billion, while Batangas posted P32.61 billion in assets and P26.74 billion in net worth.
In revenue generation, Cebu also ranked among the country’s top-performing provinces, collecting P7.762 billion in revenues in 2024. COA data showed Ilocos Sur leading with P9.721 billion, followed by Bulacan with P8.810 billion, while Cebu placed third.
Nationally, total revenues reached P1.127 trillion in 2024, a 10.04 percent increase from the previous year, while total expenditures rose by 10.81 percent to P959.77 billion.
Among cities, Cebu City ranked ninth nationwide with P9.221 billion in revenue, while Quezon City topped the list at P31.434 billion. No municipality from Cebu made it to the top 10 towns in revenue collection for the year.
The latest figures mark the 11th consecutive year that Cebu has topped all provinces in the Philippines in terms of total assets. (SBA)
