WITH a total net worth of P853.93 million, Balamban is the number one out of 44 municipalities in Cebu in terms of equity.
Balamban’s total net worth, however, is P1.34 billion less than that of Cainta, Rizal, the richest municipality in the country in terms of net worth with P2.19 billion, according to the Commission on Audit (COA).
In its 2017 annual financial report, the COA classified provinces, cities and municipalities with the highest total assets, liabilities and net worth.
Unlike Cebu Province and Cebu City, which earned a spot in their respective categories, none of the 44 towns in Cebu made it to the list of top 10 municipalities in terms of assets, liabilities and net worth.
Based on the financial profile of municipalities for calendar year 2017, the 44 towns in Cebu have P15.74 billion in assets, P4.6 billion in liabilities and a net worth of P11.13 billion.
Following Balamban in the list of Cebu municipalities with the highest net worth is Minglanilla (P811.98 million) and Consolacion (P724.32 million).
Other towns include Oslob (P513.32 million), Liloan (P434.84 million), San Fernando (P383.48 million), Carmen (P381.58 million), Pinamungajan (P356.47 million), Daanbantayan (P355.79 million) and Sibonga (P334.5 million).
In terms of assets, Consolacion ranked first with P1.1 billion, followed by Balamban with P1.09 billion and Minglanilla with P1.07 billion.
Fourth on the list is Liloan with P750.88 million followed by Oslob with P586.41 million, Tuburan with P499.62 million, San Fernando with P481.77 million, Pinamungajan with P478.47 million, Carmen with P476.85 million, and Daanbantayan with P450.82 million.
In terms of liabilities, Consolacion is also at the top with P374.6 million, followed by Liloan with P316.03 million and Minglanilla with P255.85 million.
Other towns with the highest liabilities include Balamban (P232.2 million), Tuburan (P182.66 million), Dalaguete (P159.16 million), Madridejos (P138.62 million), Medellin (P137.05 million), Barili (P134.08 million) and Dumanjug (129.85 million).