- Created on Monday, 07 November 2016 14:12
- Written by MARCHEL P. ESPINA--Sunstar
THE two provinces of Negros Island Region (NIR) are among the richest provinces in the country, according to the 2015 Annual Financial Report for Local Government Units of the Commission on Audit (COA).
The COA report, signed by Chairperson Michael Aguinaldo, was submitted to President Rodrigo Duterte, Senate President Aquilino Pimentel III, and House Speaker Pantaleon Alvarez on September 28 and was posted on its website early this week.
The report showed that Negros Occidental is the third richest province in the country, while Negros Oriental is fifth.
Negros Occidental has assets worth P9.40 billion and liabilities of P3.80 billion, making its net worth P5.592 billion, while Negros Oriental has a net worth of P4.955 billion, with P6.13 billion in assets and P1.18 billion in liabilities.
Among the provinces, Cebu has the highest net worth last year with P28.53 billion followed by Rizal with P8.11 billion.
Other provinces with high net worth are Laguna with P5 billion (4th), Pangasinan, P4.76 billion (6th); Cavite, P4.59 billion (7th); Batangas, P4.5 billion (8th); Leyte, P4.45 billion (9th); and Pampanga, P4.24 billion (10th).
Of the 18 regions, the National Capital Region has the highest net worth of P159.49 billion followed by Calabarzon, P92.86 billion; Central Visayas, P64.76 billion; Central Luzon, P53.98 billion; and Negros Island Region, P36.65 billion.
Makati is the richest city in the country, with a net worth of P37.52 billion, followed by Quezon, P37.41 billion; Pasig, P22.29 billion; Manila, P16.26 billion; Cebu, P8.12 billion; Zamboanga, P7.78 billion; Caloocan, P7.06 billion; Pasay, P5.83 billion; Calamba, P5.63 billion; and Taguig, P5.42 billion.
Among the municipalities, Cainta, Rizal, has the highest net worth with P1.89 billion, followed by Sto. Tomas, Batangas, P1.2 billion; Limay, Bataan, P1.16 billion; General Trias, Cavite, P947.48 million; Silang, Cavite, P946.18 million; Mariveles, Bataan, P865.11 million; Carmona, Cavite, P819.98 million; Caluya, Antique, P764.76 million; Binangonan, Rizal, P728.64 million; and Tanay, Rizal, P712.66 million.
'Good administrative management'
Negros Occidental Budget Officer Percival Salado Jr. credited the good financial standing of the province to the leadership of Governor Alfredo Marañon Jr.
He said the province's "liquid" status only shows there's "a good administrative management."
Salado added that the sources of the province's income are the Internal Revenue Allotment share and local revenues, which include income from Capitol-run hospitals, real property taxes, and economic enterprises, including Mambukal Resort.
He added that the province's assets include properties, infrastructures, vehicles, equipment, supplies and cash on hand while the liabilities include loans, remittances, and tax payables.
Among the provinces, Negros Occidental tops the list with the highest amount of liabilities with P3.80 billion followed by Bohol, P3.51 billion; Palawan, P2.94 billion; Bulacan, P2.40 billion; Compostella Valley, P2.28 billion; Laguna, P1.91 billion; Batangas, P1.90 billion; Quezon, P1.87 billion; Cebu, P1.80 billion; and Nueva Ecija with P1.74 billion.
For NIR, the lone highly-urbanized city, Bacolod, tops the list of cities with high net worth in the region at P2.63 billion, with P3.73 billion in assets and P1.10 billion in liabilities, followed by Kabankalan with P2.02 billion; Dumaguete, P1.36 billion; Bais, P1.34 billion; San Carlos, P1.33 billion; Cadiz, P1.31 billion; Bayawan, P1.27 billion; Bago, P1.18 billion; Tanjay, P1.11 billion; and Sipalay, P1.06 billion.
Among the municipalities in the region, Valencia has the highest net worth with P452.03 million, followed by Calatrava with P351.20 million; Sta. Catalina, P324.13 million; Mabinay, P301 million; Isabela, P279.52 million; Binalbagan, P266.95 million; Cauayan, P265.58 million; Manjuyod, P242.14 million; Hinigaran, P213.18 million; and Murcia, P195.89 million.