Davide Expresses Pride As Province Tops Rich List

Cebu Governor Hilario Davide III has expressed pride as the province emerged as the richest province nationwide, with a net worth of PHP28.53 billion, in the Commission on Audit (COA) Annual Financial Reports for 2015.

”It’s our pride that it was announced that Cebu has the biggest net worth,” Davide said.

The COA report said Cebu had PHP30.33 billion in assets and liabilities worth PHP1.8 billion, which resulted in a net worth of PHP28.53 billion.

Davide cited the provincial government’s efficient tax collection and 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.

But the province only spends on what is necessary and does not spend on non-essential things, he said.

“Accuse me of being stingy, but never accuse me of being a thief,” he said.

Davide said Cebu was able to accumulate huge assets not because it did not spend on projects, but because it did not waste money, proving that his administration can be trusted.

“I assure the Cebuanos that for as long as I am your governor, your money and taxes are safe,” Davide said.

Cebu also also topped COA’s report in 2014, with a net worth of PHP28.181 billion.

In the COA 2015 report, Cebu was followed by Rizal with PHP8.11 billion; Negros Occidental, PHP5.6 billion; Laguna, PHP5 billion; Negros Oriental, PHP4.6 billion; Pangasinan, PHP4.76 billion; Cavite, PHP4.59 billion; Batangas, PHP4.5 billion; Leyte, PHP4.45 billion; and Pampanga, PHP4.24 billion. (PNA) LAP/EB/EDS