(Photo from palawan.gov.ph)

Palawan is the 10th richest province in the Philippines in terms of assets and equity, according to the Commission on Audit (COA).

Palawan had a total of P16.108 billion in assets, according to the commission’s Annual Financial Report (AFR) on local government units, with the province of Cebu topping the list with P29.705 billion.

COA also named the following, rounding up the list of the country’s richest provinces.
Cebu – P215.270 billion
Rizal – P30.637 billion
Batangas – P29.705 billion
Davao de Oro with P23.211 billion
Bukidnon with P19.455 billion
Negros Occidental with P18.025 billion
Ilocos Sur with P17.907 billion
Iloilo with P17.399 billion
Isabela with P16.419 billion
Palawan with P16.109 billion

The 215-page report was based on the audit conducted on financial statements of 81 provinces, 146 cities, 1,488 municipalities, 22,680 barangays and the Bangsamoro Government.

COA reported a 97.7% compliance by the country’s 1,715 LGUs in submitting their financial statements for audit.