Cebu Province is P1 billion richer
CEBU, Philippines — The Province of Cebu is now P1 billion richer after acquiring a property in Barangay Uling in the City of Naga.
The 64-hectare lot which was titled last month was previously under the name of a certain Leopolda Cecilio who failed to pay her real property tax.
In the Capitol’s news release, Provincial Treasurer Roy Salubre said that Cecilio was not able to pay her P11 million tax due and failed to pay her one-year prescribed period, thus her “option to redeem passed.”
Salubre furthered the same property was identified by the Capitol to be the area for the proposed Waste-to-Energy (WTE) project.
The said lot is an additional property owned by the provincial government that added to its assets now stands at P202.9 billion after the reappraisal conducted in all the properties of the province.
In 2018, the total assets of Cebu province was at P34.5 billion, by that time the province was declared as the richest province in the Philippines.
When Governor Gwendolyn Garcia assumed office, she ordered the appraisal committee of the Capitol to reassess the value of Capitol’s assets.
By the end of 2019, the Capitol’s assets ballooned to P202, 973,621,892.23 or an increase of P168,445,470,246.34 from 2018’s P34.5 billion assets. — GMR (FREEMAN)
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