The Queen City has been the consistent leader among the richest Philippine provinces for more than a decade now and dethroning the Visayan province seems impossible.
Here are the top ten richest Philippine provinces for the year 2016 to 2017 based on total assets.
Cebu widened the gap from the rest of country’s provinces with total assets of P32.429 billion in 2016, up by P2.098 billion from P30.331 billion assets in 2015.
Cebu’s economy relies heavily on manufacturing and tourism, with almost 80% of the country’s shipbuilding facilities found in the province.
Landing at a distant second was Rizal province with P11.73 billion assets in 2016, an increase of P2.184 billion from its P9.546 billion assets in 2015.
Before the 1990s, the primary source of economy in Rizal province were the huge piggery estates owned by Manila-based families. In the recent years, the province became one of the most progressive provinces in the country, owing to its proximity to Metro Manila, the economic center of the Philippines.
Also posting double-digit assets was Negros Occidental, which came in third with P11.042 billion in 2016 from P9.397 billion the year before.
Known as the “Sugarbowl of the Philippines”, the sugar industry is the lifeblood of the economy of Negros Occidental, producing more than half of the country’s sugar.
Bacolod City is the center of commerce and finance in Negros Occidental. It has oil companies, factories, bottling plants, allied industrial businesses, steel fabrication, power generation, agri-businesses, prawn culture and other aquaculture ventures.
It is also the Business Process Outsourcing (BPO) hub of the Western Visayas region. Among the notable BPO companies operating in the city are Convergys, Teleperformance, TeleTech, Focus Direct International, Inc. – Bacolod, Panasiatic Solutions, Ubiquity Global Services, Transcom Asia and iQor.
From 6th spot in 2015, Batangas climbed two rungs higher after it posted P9.979 billion in assets last year, an increase of 5.7 percent or P3.571 billion from P6.408 billion assets the year before.
Batangas is home San Jose town – the egg capital of the Philippines, and Padre Garcia town – the cattle capital of the Philippines. The province is also home to several industrial parks that provides hundreds of thousands of manufacturing jobs.
Also up by two notches was Bulacan with P8.964 billion assets in 2016 compared to P6.38 billion in 2015 when it landed on the 7th spot.
The province of Bulacan is steadily becoming industrialized due to its proximity to Metro Manila.
Many corporations put up industrial plants and site in Bulacan.
Some of the businesses and industries include agribusiness, aquaculture, poultry, and other manufacturing-related industries.
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Palawan, meanwhile, landed at 6th place, a spot lower than in 2015 despite an increase in its assets to P8.199 billion in 2016 from P6.596 billion the year before.
Palawan’s economy is basically agricultural. The three major crops are palay, corn, and coconut. Mineral resources include nickel, copper, manganese, and chromite. Logging is also a major industry. Palawan has one of the richest fishing grounds in the country. About 45% of Manila’s supply of fish comes from here. Having natural gas reserves of approximately 30,000 trillion cubic feet, the province is the only oil-producing province in the country. In addition, tourism is also a thriving sector.
Iloilo is at 7th place with P8.144 billion assets.
Iloilo City is a hub for trade, commerce, finance, technology, medical tourism, hospitality, real estate, tourism, education, and industry in the Western Visayas region.
Major industries in the city include management of port facilities, telecommunications infrastructure and utilities, banking and finance, retail trading, real estate, tourism and business process outsourcing.
Laguna landed at 8th place in 2016 from 4th place the year before despite a slight increase in its assets to P7.556 billion from P6.91 billion in 2015.
With a population of 3,035,081 (2015 census), and a total area of 1,760 km2 (680 sq mi) of land, Laguna produces millions of pesos worth of coconuts, rice, sugar, citrus fruits, lanzones and other products.
Laguna is labeled as the Detroit of the Philippines because of the presence of major vehicle manufacturers in the city of Santa Rosa. It is also considered as the Silicon Valley of the Philippines because of the vast number of electronic and semi-conductor companies operating in the province. Laguna is also the Resort Capital of the Philippines for it houses more than 700 hot spring resorts in the areas of Calamba and Los Baños.
Nueva Ecija at 9th place with P7.227 billion assets displacing Cavite and Negros Oriental.
Nueva Ecija is considered the main rice growing province of the Philippines and the leading producer of onions in the Municipality of Bongabon in South East Asia
Leyte remained at the 10th spot with P7.03 billion assets in 2016 from P6.06 billion in 2015.
Leyte is basically an agricultural province complemented by the growth in the services sector. The major sources of income in the province are farming and fishing. The major crops grown are coconut, rice, banana, rice, root crops, fruits, and vegetables.
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