CEBU Governor Pamela Baricuatro attributed the province’s standing as the wealthiest in the Philippines to the inclusion of land appraisals in its asset valuation, reacting to the Commission on Audit’s (COA) 2024 report that ranked Cebu as the richest province nationwide.
“The appraisal of land was included. We already talked about this during the campaign,” Baricuatro said when asked to comment on COA’s 2024 Annual Financial Report during a media conference on Wednesday, December 17, 2025.
The COA report showed that the Province of Cebu posted a net worth of P336.42 billion in 2024, with total assets amounting to P339.85 billion.
“So, that’s why taas kaayo ta compared to the other provinces,” the governor said.
Baricuatro said Cebu’s figures were significantly higher because other provinces allegedly did not include land appraisals in their asset reports.
“We’re the only one who did it. I don’t know how they got away with it,” she said, referring to other provinces.
She added that she recently discussed the matter with other governors, who, according to her, admitted that land appraisals were not reflected in their reported assets.
“Because I was just talking with the other governors. They didn’t include the appraisal of lands in their assets. So, mao na nga taas kaayo ang Cebu,” Baricuatro said.
However, the governor noted that much of the province’s wealth is tied to high-value lands and properties that remain unused, which may explain why residents do not immediately feel the impact of Cebu’s financial status.
“And what’s the point? We have all the assets; we’re not making use of it. Mao na wala na feel sa mga tawo ang atong pagka-rich kay naa ra diha ang lands, high-value properties nga wala gigamit,” she said. (CDF)
