Iloilo has remained as one of the richest provinces in the Philippines, according to the 2022 Annual Financial Report of the Commission on Audit (COA).

Out of the 81 provinces covered in the latest COA report, Iloilo ranked seventh with P19.98 billion in declared assets last year.

Iloilo climbed by one notch from the previous eighth spot, making it as the richest province in Western Visayas.

Meanwhile, Negros Occidental slipped from sixth to eighth in the ranking. Its total assets in 2022 was P19.42 billion.

The list of the country’s richest provinces was topped by Cebu (P235.74 billion), followed by Rizal (P35.6 billion), Batangas (P32 billion), Davao de Oro (P23.11 billion), Ilocos Sur (P21.56 billion), and Bukidnon (P21.06 billion).

Cavite (P19.34 billion) secured the ninth spot, while Pampanga (P19.13 entered the top 10.

The state auditor said total assets were computed based on the local governments’ current assets, which are composed of cash and cash equivalents, investments, receivables, inventories and pre-payments and deferred changes.

Also part of the assets were investments, receivables, investment property, property, plant and equipment, biological and intangible assets.

The COA report was mandated by the Constitution and the Government Auditing Code of the Philippines.IMT