Capitol reports 400% hike in total assets

CEBU, Philippines —  Following Capitol’s massive efforts to recover prime properties, Cebu Governor Gwendolyn Garcia reported a 400-percent increase in Cebu Province’s total assets.

From P35.6 billion in 2018, the Capitol now has total assets amounting to P188 billion. Garcia attributed the huge increase to her recovering the prime properties of the provincial government such as the cyberzone towers at the IT Park in Cebu City.

Garcia also ordered the reappraisal of all real properties of the province based on the present zonal valuation and fair market value resulting in an increase of P153 billion in total assets. The increase is likely to sustain Cebu’s ranking as the richest province in the country.

“Cebu as the richest province is meaningless if our constituents do not feel the services of government, so that my challenge is to make our brother and sister Cebuanos feel that the government is working – and working very hard for them,” Garcia was quoted in Sugbo News report, Capitol’s official news page.

According to Garcia, all her initiatives are geared towards realizing her campaign promise—to bring back Cebu to being number one again. Cebu only ranked 45 among the 81 provinces in the country in terms of competitiveness during the past administration.

 Garcia admitted that her challenge now is how to translate Capitol’s vast resources into a meaningful delivery of basic services that will redound to the people in terms of benefits.

Meanwhile, Cebu Province was awarded a Seal of Good Financial Housekeeping by the Department of Interior and Local Government (DILG) for the year 2019. The awardees also include the cities of Cebu, Naga, Danao, Lapu-Lapu, Mandaue and Talisay.

Also received the distinction are the towns of Aloguinsan, Asturias, Balamban, Bantayan, Barili, Boljoon, Carmen, Catmon, Compostela, Consolacion, Cordova, Daanbantayan,  Dalaguete, Ginatilan, Liloan, Medellin, Pilar, Pinamungahan, Poro,  Samboan, San Fernando,  San Remigio, Sante Fe, Santander, Sogod,  Tabogon, Tabuelan, and Tudela.

The award recognizes the compliance and transparency in the financial administration of the LGUs.

Garcia said she shares the honor with Vice Governor Hilario Davide III because the latter was the governor during the first half of 2019.

Liloan Mayor Christina Frasco, on the other hand, said that receiving the DILG Seal is an affirmation of her administration’s efforts to spend public funds with honesty and probity, strictly complying with laws on government spending while ensuring that programs and projects benefit her constituents.

"I am proud of our team in Liloan and I share this achievement with them," the mayor said.

 The stringent criteria to obtain the DILG Seal includes an Unqualified or Qualified Commission on Audit (COA) opinion of the immediately preceding year as well as compliance with the full disclosure policy of local budget and finances, bids and public offerings such as annual budget, statement of receipts and expenditures, annual procurement plan or procurement list, and bid results on civil works, goods and services and consulting services, among others.

This is the third consecutive year that Liloan has been given the DILG Seal, and the seventh national award received by the town under the administration of Frasco.  FPL (FREEMAN)