Northern Samar province reduced its liabilities by PHP380.43 million in 2022, positioning the province as a frontrunner in Eastern Visayas in terms of “fiscal responsibility,” the provincial government reported on Tuesday.
In a report released to reporters, the local government said the liabilities of Northern Samar dropped by over 20 percent from PHP1.80 billion in 2021 to PHP1.42 billion last year.
“This positive change demonstrates the province’s diligent management of expenses and successful revenue generation during the period,” Northern Samar Governor Edwin Ongchuan said in a statement.
The higher income of the province in 2022 contributed to the reduction in liabilities, allowing them the leeway to pay some of their fiscal obligations.
The province earned PHP2.49 billion last year, higher than the PHP1.82 billion generated in 2021.
Its assets grew by 5.22 percent to PHP8.71 billion in 2022 from PHP8.27 billion in the previous year.
“Northern Samar has shown remarkable financial prowess among Eastern Visayas provinces, experiencing a substantial decrease in liabilities. This achievement highlights the province’s commitment to economic stability and growth, setting an example for others in the region,” Ongchuan added.
In contrast, the annual audit report of the Commission on Audit (COA) showed a rise in liabilities of other provinces in Eastern Visayas.
Samar increased its liabilities to PHP3.76 billion last year from PHP2.85 billion in 2021.
Eastern Samar’s liabilities rose to PHP1.61 billion in 2022 from PHP1.27 billion the preceding year, while Leyte registered an increase from PHP168.64 million to PHP263.5 million in the past two years.
In Biliran, the provincial government posted higher liabilities at PHP48.36 million in 2022 from PHP38.73 million the previous year.
Southern Leyte’s liabilities ballooned to PHP1.91 billion last year from PHP1.41 billion in 2021.
The adjustment of financial liabilities of local government is primarily driven by loans, unpaid monetary benefits to workers, unpaid dues to government agencies and unpaid taxes, among others.
“The data on liabilities changes from 2021 to 2022 in Eastern Visayas paints a dynamic picture of the region’s financial landscape. It emphasizes the importance of strategic investments and efficient financial planning to maintain stability and enhance equity levels,” Ongchuan added.
Created on June 19, 1965, Northern Samar is classified as a second-class province with a population of 639,186 settled in 569 villages in 24 towns. (PNA)
