Pangasinan leads in net income but tops in expenses, liabilities
LINGAYEN–Pangasinan maintained its lead over other three provinces in the Ilocos Region in terms of financial performance for Fiscal Year 2007, according to a report from the Commission on Audit.
Pangasinan was ranked both number one in terms of net income and total income but was also the biggest spender among all four provinces in the region.
Its net income for 2007 was P385 million, followed by Ilocos Norte with a wide margin at P42 million; Ilocos Sur at P36million; and La Union, P32 million.
The net income is calculated by deducting expenses from total income.
As shown by the COA report, Pangasinan’s total income for 2007 was P1.48 billion as against its expenses of P1.10 billion
Pangasinan also registered the biggest liabilities at P502 million.
The leading provinces in terms of total assets and total equity is Ilocos Sur which had P2.58 billion and P2.11 billion, respectively.
Pangasinan is second, posting total assets of P202 million and total equity of P1.74 billion—. LM
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