Compostela Valley of Davao is the 2nd Richest province in the Philippines

SDC Biznes | Economy 

screen grab from Compostela Valley gov't. website

DAVAO CITY, Philippines
— For the first time, Compostela Valley ranks 2nd richest province in the Philippines in 2017 with total assets of P18.95 billion, based on the annual report of the Commission on Audit (COA).

The province saw its total assets rise by around 406 percent at P18.95 billion in 2017 from the previous estimate of P3.74 billion in 2016.

The COA said the increase was due to the inclusion of public infrastructure projects in the book of accounts of the province, noting the rise in property, plant, and equipment records to P17.145 billion compared to just P1.5 billion two years ago.

"The significant increase in Property, Plant, and Equipment account under General Fund is attributed to the one hundred percent transfer of province's local road networks from registry to the books of accounts stated at current replacement cost," the COA's notes on the financial statement read.

Meanwhile, for the fourth consecutive time, Cebu is still the undisputed richest province in the Philippines in 2017 with total assets of P34.14 billion, based on the annual report of the Commission on Audit (COA).

The P34.14 billion in assets in 2017 is higher by P1.7 billion than the province’s assets in 2016, which amounted to P32.43 billion. COA said the province’s current assets are at P5.7 billion while its non-current assets are at P28.37 billion.

Arabejo Ave. in Nabunturan, Comval courtesy of Dodong Usyot

Here are the complete list of Top 10 COA's 2017 Annual Financial Report:

1. Cebu with P34.14 billion
2. Compostela Valley with P18.95 billion
3. Batangas with P15.56 billion
4. Rizal with P14 billion
5. Negros Occidental with P12.88 billion
6. Zambales with P10.455 billion
7. Bulacan with P10.451 billion
8. Palawan with P10.15 billion
9. Iloilo with P10.04 billion
10. Pampanga with P9.53 billion.