Cebu Capitol’s net worth rises to P27.9B in May

CEBU CITY, Aug. 22 (PNA) — The Cebu Provincial Government’s net worth increased to P27.924 billion as of May 31, or about P1 billion compared to the P26.919 billion in the same period last year, an official said.

Cebu Provincial Accountant Marieto Ypil said the province’s total assets of P28.736 billion as of end May this year expanded by only about P660 million over that of the first quarter of 2013 at P28.078 billion.

The improvement in net worth stemmed from the decrease in total liabilities.

As of May 31 this year, the Capitol’s total liabilities reached P811.905 million, way below first quarter 2013’s P1,159,675,565.60.

Liabilities cover payables, such as taxes and government-mandated benefits for employees.

Total assets, on the other hand, include cash, receivables, inventories, investments, properties, plants and equipment.

The Capitol’s investments expanded in the 14 months between end of March 2013 to May 31, 2014.

In the first quarter of 2013, the Capitol’s total investments were about P131 million, which grew to P188.3 million by end of May 2014.

Cebu Governor Hilario Davide III, who assumed office in July 2013, said he wants to increase the Capitol’s income by improving tax collection efficiency and economic enterprise. (PNA)