URDANETA CITY now leads all cities in the Ilocos region not only in net income but also in total income, total assets and total equity based on the financial report released by the Commission on Audit for 2005.

The COA financial report showed Urdaneta had a net income of P132,107,000 from a total income of P382,699,000 million, less its expenses of P250,582,000, which is the third highest number among eight cities in the region.

Urdaneta, which won its cityhood only in 1997, had the highest total assets among all region’s cities totaling P810,722,000, total equity of P693,166,000 with total liabilities of P117,546,000, among the lowest in the regio

n so far.

Urdaneta and Dagupan City are the only second-class cities in the Ilocos region today. But Urdaneta’s rise to second class from nowhere since it earned its cityhood nine years ago was almost phenomenal.

In contrast, Dagupan—the oldest city in Region 1—had the lowest net income among eight Ilocos cities at P18,901,000 but registered the second highest total income at P357,404,000. The report showed it is the biggest spender among all eight cities, registering total expenditures of P338,503,000.

Dagupan trails Urdanet in total assets at P713,760,000 but again it registered the highest total liabilities among all cities in the region at P372,420,000, placing its total equity to P341,340,000.

San Carlos, another city in Pangasinan, registered the second highest net income for 2005 at P79,956 while its total income was P264,663,000, the fifth highest in the region and was able to pare down its expenses to P184,707,000, the third lowest in the region.

Alaminos, also in Pangasinan had the second highest net income at P53,380,000 and was in sixth place in point of total income at P205,634,000 against its total expenses at P152,254,000.

Alaminos had the lowest total liabilities among all eight cities at P24,134,000. Its total assets was pegged at P342,415, the second lowest in the region with its equity totaling P318,281,000, also the region’s second lowest.

San Carlos is a third class city, Alaminos in fifth-class.

Net income winers

Meanwhile, Pangasinan maintained the lead among the four Ilocos provinces, registering P297,677,000 net income, total income of P1,255,170,000, less its expenses of P957,492,000, incidentally the highest in the region.

La Union is second in net income at P158,615,000 among all four provinces from its total income of P646,550,000 and total expenses of P576,266,000.

Ilocos Norte is third ranking with net income of P110,058,000, registering a total income of P559,200,000 and total expenditures of P449,142,000 while Ilocos Sur had a net income of P89,734,000, from a total income of P668,000,000 and total expenditures of P578,266,000.

Though Ilocos Sur had the lowest net income in the region, it registered the highest total assets at P2,613,027,000 besting the provinces of Pangasinan at only P1,604,109,000.
Ilocos Sur’s total liabilities of P528,633,000 was the highest recorded in the region while its total equity was P2,084,494,000.

Pangasinan has total liabilities of P369,264,000 with its total equity pegged at P1,234,846. (PNA)