{"id":15134,"date":"2020-12-05T08:14:28","date_gmt":"2020-12-05T08:14:28","guid":{"rendered":"https:\/\/queencitycebu.com\/?p=15134"},"modified":"2020-12-06T00:38:59","modified_gmt":"2020-12-06T00:38:59","slug":"record-breaking-cebu-province-remains-the-richest-in-the-philippines","status":"publish","type":"post","link":"https:\/\/queencitycebu.com\/record-breaking-cebu-province-remains-the-richest-in-the-philippines\/","title":{"rendered":"Record-Breaking: Cebu Province Remains the Richest in the Philippines"},"content":{"rendered":"\n<p>On the 2019 annual financial report of the Commission on Audit, Cebu Province was able to cement its status as the richest province in the Philippines with an outstanding asset of <a href=\"https:\/\/www.coa.gov.ph\/index.php\/local-government-units\/2019\/category\/8410-provinces\"><strong>P203.9 billion<\/strong><\/a><strong> from the formerly reported<\/strong> <strong>P188 billion<\/strong> as of February 19 of this year. This is a 400 percent growth of wealth in comparison to the province\u2019s total asset for 2018 (still highest at that time) which was at P35.7 billion.<\/p>\n\n\n\n<p>This significant increase in Cebu\u2019s value is highly attributed to the initiatives of current Cebu Province administration to recover the province\u2019s prime properties that were disposed of by the previous administration, like the P4-billion Cyberzone Towers 1 and 2 in IT Park, and reappraise real properties of the province located in Cebu City and establishments based on the present zonal value and fair market value.<\/p>\n\n\n\n<p><strong>How\ndid Cebu Province Became P188-Billion Richer?<\/strong><\/p>\n\n\n\n<p>It\ncan be recalled that these properties were built in the\nBuilt-Transfer-Operate scheme. This is a private-public partnership\nwhere the private firm builds the structure on the government-owned\nproperty and when the building is complete, the ownership will then\nbe transferred to the government while the private firm will the\nright to operate the property for a renewable period. In addition to\nthis, while the firm operates the property, it will also be renting\nthe lot where the building sits; hence giving the government a share\nof its income.<\/p>\n\n\n\n<p>The reappraisal was headed by the Provincial Treasurer and Assessor, as ordered by the governor. Before this, the governor shared that the value of these properties was quite obsolete \u2013 as these were appraised during her previous term as governor in 2008. Under Section 219, also known as the General Revision of Assessment and Property Classification Clause of Local Government Code, the provincial assessor should conduct a reassessment of the values of real properties every three years.<\/p>\n\n\n\n<p><strong>How\nCebu Province utilizes its Resources?<\/strong><\/p>\n\n\n\n<p>Despite this accomplishment, the governor also admitted that there\u2019s still more that needs to be done given that the province has also dropped down to the 45<sup>th<\/sup> spot among the 81 provinces in the country in terms of competitiveness.\u00a0<\/p>\n\n\n\n<p>She emphasized that it\u2019s meaningless to be the richest province if the people will not feel the services provided by the government. Therefore, the challenge for the government is to translate such distinction to a meaningful delivery of basic services to the Cebuanos. <br><br><em><strong>\u201cWhat\u2019s the use of being the richest province if what we have are dilapidated roads and there\u2019s no water reaching the households?\u201d<\/strong><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>On the 2019 annual financial report of the Commission on Audit, Cebu Province was able to cement its status as the richest province in the Philippines with an outstanding asset of P203.9 billion from the formerly reported P188 billion as of February 19 of this year. This is a 400 percent growth of wealth in [&hellip;]<\/p>\n","protected":false},"author":11,"featured_media":15135,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[39,58],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.9.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Record-Breaking: Cebu Province Remains the Richest in the Philippines | Cebu Philippines Ultimate Travel &amp; Food Guide<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/queencitycebu.com\/record-breaking-cebu-province-remains-the-richest-in-the-philippines\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Record-Breaking: Cebu Province Remains the Richest in the Philippines | Cebu Philippines Ultimate Travel &amp; Food Guide\" \/>\n<meta property=\"og:description\" content=\"On the 2019 annual financial report of the Commission on Audit, Cebu Province was able to cement its status as the richest province in the Philippines with an outstanding asset of P203.9 billion from the formerly reported P188 billion as of February 19 of this year. This is a 400 percent growth of wealth in [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/queencitycebu.com\/record-breaking-cebu-province-remains-the-richest-in-the-philippines\/\" \/>\n<meta property=\"og:site_name\" content=\"Cebu Philippines Ultimate Travel &amp; Food Guide\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/cebuthequeen\/\" \/>\n<meta property=\"article:published_time\" content=\"2020-12-05T08:14:28+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-12-06T00:38:59+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/queencitycebu.com\/wp-content\/uploads\/2020\/12\/Cebu_City.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1424\" \/>\n\t<meta property=\"og:image:height\" content=\"783\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"dakilanglaagan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"dakilanglaagan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/queencitycebu.com\/record-breaking-cebu-province-remains-the-richest-in-the-philippines\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/queencitycebu.com\/record-breaking-cebu-province-remains-the-richest-in-the-philippines\/\"},\"author\":{\"name\":\"dakilanglaagan\",\"@id\":\"https:\/\/queencitycebu.com\/#\/schema\/person\/8f0f52231a59733357fdadd58087a101\"},\"headline\":\"Record-Breaking: Cebu Province Remains the Richest in the Philippines\",\"datePublished\":\"2020-12-05T08:14:28+00:00\",\"dateModified\":\"2020-12-06T00:38:59+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/queencitycebu.com\/record-breaking-cebu-province-remains-the-richest-in-the-philippines\/\"},\"wordCount\":429,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/queencitycebu.com\/#organization\"},\"keywords\":[\"cebu\",\"Cebu city\"],\"articleSection\":[\"Featured\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/queencitycebu.com\/record-breaking-cebu-province-remains-the-richest-in-the-philippines\/\",\"url\":\"https:\/\/queencitycebu.com\/record-breaking-cebu-province-remains-the-richest-in-the-philippines\/\",\"name\":\"Record-Breaking: Cebu Province Remains the Richest in the Philippines | Cebu Philippines Ultimate Travel &amp; 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