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THE Cebu provincial government is now P5 billion richer because of the recovery of the 80-hectare Central Command (Centcom) lot in barangay Apas, Cebu City in 2007.
Budget officer Emme Gingoyon said that “the province's land and property assets may further increase this year because of Gov. Gwendolyn Garcia's continued effort to recover donated properties.”
Gingoyon, however, said that despite the increase in their assets, they still managed to reduce their 2006 liability of P1.1 billion by almost half in 2007.
“Our liabilities do not include loans. We are still debt free. Our liabilities are the payables that we incurred during the cut off date, as of Dec. 31, 2007,” he said.
The province's liabilities came from operational expenses and supply dues that have not been paid by year end, said Gingoyon.
Also, this include the 14th month pay that have not been released to some capitol employees.
“It is an accounting treatment that these are taken up as liabilities. But no loans and other obligations,” said Gingoyon.
Capitol consultant Rory Jon Sepulveda said this is an achievement that the province should be proud of.
“Amo gyong ikapang hambog nga wala mi utang unya ang liabilities sa probinsya by year end P558 million ra,” added Sepulveda.
Provincial Accountant Marieto Ypil told the Commission on Audit in Central Visayas (COA-7) that the provincial government now has a total of P17.3 billion in land and property assets which increased by P5.4 billion since 2006.
It has cash amounting to P1 billion and receivables of P249.9 million while its year-end liabilities only amount to P558.9 million.
Gingoyon said the bulk of the province's land and property assets are the lots that it owns amounting to P11 billion, ongoing construction projects and public infrastructure – P2.6 billion and buildings – P624 million.
Land assets already include the 80-hectare Centcom lot in Apas amounting to at least P5 billion which the province recovered last year.
