MANILA, Philippines — Cavite ranked as the fifth-wealthiest province in the Philippines with P26.8 billion in assets, according to the Commission on Audit’s 2024 Annual Financial Report released Monday.
The province, located south of Metro Manila, trails Cebu (P339 billion), Rizal (P44.1 billion), Camarines Sur (P33.2 billion) and Batangas (P32.6 billion) in total assets.
Cavite’s strong economic performance reflects its position as a major industrial and residential hub in the Calabarzon region, benefiting from proximity to the capital and hosting numerous manufacturing facilities, economic zones and rapidly growing urban centers.
The report shows significant wealth concentration among provinces in Luzon, with six of the top nine wealthiest provinces located on the main island. Ilocos Sur (P26.2 billion), Davao de Oro (P23.4 billion), Iloilo (P22.3 billion) and Negros Occidental (P22.2 billion) round out the list.
Cebu maintained its position as the wealthiest province by a substantial margin, with assets nearly eight times larger than second-place Rizal. The central Visayas province serves as a major economic center outside Metro Manila, driven by tourism, manufacturing and robust business process outsourcing sectors.
Provincial wealth in the Philippines varies widely based on industrialization, natural resources, tourism and agricultural productivity.
Wealthier provinces typically feature more developed infrastructure, diverse economic bases and stronger revenue collection systems.
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