With P4.24 billion in equity or net worth, Pampanga belongs to the top 10 richest provinces in the country based on the latest 2015 Annual Financial Report of the Commission on Audit (COA).
According to COA, equity is the difference between the amount of assets and liabilities of LGUs. Pampanga has an existing asset worth P5.59 billion and liabilities of P1.35 billion.
The Province of Cebu again topped the list of provinces with a net worth of 28.53 billion. It was followed by Rizal, P8.11 billion; Negros Occidental, P5.6 billion; Laguna, P5 billion;Negros Oriental, P4.96 billion; Pangasinan, P4.76 billion; Cavite, P4.59 billion; Batangas, P4.5 billion; Leyte, P4.45 billion; and Pampanga, P4.24 billion.
City of San Fernando, richest city
The City of San Fernando topped the city category in Pampanga with P1.54 billion in net worth, followed by the highly urbanized Angeles City with P1.29 billion and Mabalacat City with P546.44 million.
Mexico, richest municipality
In Pampanga, the Commission on Audit considers the town of Mexico the richest municipality. Mexico is highest in terms of financial capability with a P298.77-million equity. Mexico registered an asset of P373.23 million and liabilities worth P72.46 million.
The net worth of the second richest municipality, Lubao, has recorded P196.61 million net worth followed by Porac with P176.66 million; Sta. Rita, P139.92 million; and San Luis, P122.39 million.
Landing on the 6th is Apalit with a net worth of P99.85 million, followed by Magalang P82.94 million; Macabebe, P66.49 million; Guagua, P63.07 million; Bacolor, P59.95 million; Masantol, P58.92 million; Candaba, P52.83 million; Arayat, P52.79 million; and San Simon, P51.9 million.
The municipalities with the lowest net worth are: Sto. Tomas, P45.97 million; Sasmuan, P44.90 million;Sta. Ana, P38.40 million;Floridablanca, P33.74 million; and Minalin, P30.03 million.
Floridablanca, although classified as a first-class municipality, is still part of the poorest municipalities in the province. It has an asset worth P114.87 million but its liabilities reached P81.13 million.
The Annual Financial Report was submitted to President Rodrigo Duterte, Senate President Aquilino Pimentel and House Speaker Pantaleon Alvarez recently.