DAVAO CITY (November 5) — Compostela Valley here emerged second richest province in the country in terms of assets, says the Commission on Audit (COA) on its 2017 annual financial report.
The province accounts to P18.95 billion assets in 2017, showing 406 percent increase compared to its 2016 record of P3.74 billion.
Comval was never included in the top ten list during the recent years, but emerged second last year.
The increase in ComVal’s assets was derived from the inclusion of public infrastructure projects in its book of accounts which highlighted the increase in property, plant and equipment valued at P17.145 billion as against its 2016 record of P1.5 billion.
The COA noted “The significant increase in property, plant, and equipment account under General Fund is attributed to the one hundred percent transfer of the province’s local road networks from registry to the books of accounts stated at current replacement costs.”
The province of Rizal which earlier occupied second fell to fourth place.
Aside from ComVal, the provinces of Zambales and Pampanga have made it to the top ten list.
The top ten Provinces include: Cebu (first) with P34.14 billion, ComVal (2nd) P18.95 billion; Batangas (3rd) with P15.568 billion; Rizal (4th) with P14 billion; Negros Occidental (5th) with P12.89 billion; Zamboanga (6th) with 10.46; Bulacan (7th) with 10.45 billion; Palawan (8th) with P10.16 billion; Iloilo (9th) with P10 billion and Pampanga (10th) with P9.53 billion.
The entry of Comval, Zambales and Pampanga booted Laguna, Nueva Ecija and Leyte from the COA top ten list.-Editha Z. Caduaya/NewsLine.ph
