Cebu Governor Pamela Baricuatro has clarified the reason behind her province's designation as the wealthiest in the Philippines, pointing to its comprehensive accounting of land assets as the primary factor. This statement came as a direct response to the Commission on Audit's (COA) 2024 Annual Financial Report, which ranked Cebu first nationwide.
Land Valuation: The Key to the Top Spot
During a media conference held on Wednesday, December 17, 2025, Governor Baricuatro addressed the findings head-on. She explained that the Province of Cebu's staggering net worth of P336.42 billion for the year 2024, with total assets reaching P339.85 billion, was significantly influenced by the inclusion of land appraisals in its financial statements.
"The appraisal of land was included. We already talked about this during the campaign," Baricuatro stated. She emphasized that this practice set Cebu apart, leading to its high ranking compared to other local government units. "So, that's why taas kaayo ta compared to the other provinces," she added.
Other Provinces Omitted Land Values
The governor revealed that, based on her recent discussions with fellow provincial leaders, Cebu appears to be an outlier in its reporting methodology. "We're the only one who did it. I don't know how they got away with it," Baricuatro remarked, referring to other provinces that allegedly did not reflect the market value of their land holdings in their asset reports.
She confirmed that other governors admitted to this discrepancy. "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," she explained, underscoring that the different accounting approach is the direct cause of the wealth gap shown in the COA audit.
Wealth in Assets, Not in Daily Life
However, Governor Baricuatro was quick to temper the celebration of the ranking with a dose of practical reality. She noted that a substantial portion of the province's recorded wealth is locked in high-value lands and properties that are currently not being utilized for development or public benefit.
This, she suggested, is why the province's financial status might not be immediately felt by its residents. "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," Baricuatro pointed out candidly.
The governor's comments highlight a critical distinction between paper wealth and tangible economic benefits, setting the stage for potential policy discussions on how to leverage these assets for the province's future growth and the direct welfare of Cebuanos.
