Garcia leaves Cebu govt with P6B available cash

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CEBU CITY — The Cebu provincial government holds P6.015 billion in available cash, with total assets reaching P310 billion, outgoing Cebu Gov. Gwendolyn Garcia disclosed as the Capitol prepares for an upcoming leadership transition.

A post by the Capitol's official social media outlet Sugbo News said that Garcia shared these details during a meeting on Tuesday with reelected, outgoing, and incoming Cebu provincial board members.

RICHEST PROVINCE The Cebu Provincial Capitol stands brightly illuminated against the night sky, showcasing its iconic architecture in vibrant lights. On June 30, 2025, its new occupants will be Governor-elect Pamela Baricuatro and Vice Governor-elect Glenn Anthony Soco. PHOTO BY KAISER JAN FUENTES

She highlighted that the province remains free of debt, with no outstanding loans from any financial institutions.

The Provincial Treasurer's Office provided a breakdown of the current bank funds: P2.79 billion in the General Fund, P1.13 billion in the Special Education Fund, P1.88 billion in the Trust Fund, P195.5 million in the Settlement Account, and P1 million in the Easy Account.

Garcia also mentioned that the province continues to generate income through interest earned from overnight bank placements.

Since July 2024, these placements have generated P195.7 million in income for the Capitol.

With Cebu still ranked as the wealthiest province in the country, Garcia took the opportunity to brief the incoming board members on key programs initiated under her administration.

She urged them to sustain initiatives that have contributed to improving the welfare of the Cebuanos, including Sugbo Kahanas, Sugbo Negosyo, Early Childhood Development (ECD), Caravan of Services, Sugbusog, and the Sugbo Medical Board (SMB).

"For the past six years, we have really accomplished a lot, precisely because of the board members, because they were a big help — especially the vice governor," Garcia said in a mix of Cebuano and English.

Vice Gov. Hilario Davide III, who is also stepping down, welcomed the new members and reflected on his two terms in office, citing the unity among board members as key to their smooth working relationship.

"We decided not to have a majority and minority floor leader — just one floor leader. I hope you will keep it that way," said Davide, adding that he is proud to have worked alongside dedicated and hardworking public servants.

Davide also commended Garcia's leadership, saying he witnessed her efforts in uniting both elected and career officials while delivering tangible results for the province.

Incoming Vice Gov. Glenn Anthony Soco assured the newly elected board members of an inclusive leadership that is open to dialogue and focused on continuity.

"We are ready to work, to listen, and to continue what has already been built for the good of the Sugboanons," Soco said.

Garcia lost her bid for a sixth term as governor to Pamela Baricuatro, who garnered over 1.1 million votes, surpassing Garcia's tally of around 800,000 votes.

Meanwhile, Davide was defeated in his congressional run in Cebu's second district by incumbent Rep. Edsel Galeos, who received 91,984 votes. Davide got 60,111 votes.