Magpale is worth P60.7 million
Cebu Vice Governor Agnes Magpale is worth of P60.7 million in 2017 or an increase of P300,000 of her declared net worth in 2016.
The increase is attributed to the growth of her investment in JD Almendras Agro-Industrial Development Corporation which has increased to P11,6333,333 in 2017 from P11,333,333 in 2016.
In 2016, Magpale’s net worth was P60,383, 333 or P1.3 million more than her P59,083,333 net worth in 2015.
Net worth is equal to the worth of assets composed of real and personal properties subtracted by liabilities. The incumbent vice governor has zero liabilities.
She has declared nine real properties worth P17.8 million, three of which are inherited lots while the other four are purchased commercial properties located in Danao City and Manila.
The remaining two are a house in Cebu City and a renovated beach resort in her hometown.
This is similar to what she declared last year.
Her personal properties such as cars, investments, and bank accounts amounted to P42.8 million and she has no liabilities.
Magpale’s business connections are Northeastern Cebu Colleges and J.D. Almendras AgroIndustrial Dev. Corp.
Eleven of her relatives work in the government. The SALN requires a public servant to declare relatives up to the fourth degree of consanguinity and affinity.
Three of her relatives are mayors in Cebu Province, two are congressmen, two are provincial board members, one is a vice mayor, one is a commissioner, one is a city councilor, and an office head.
Public servants, whether elected or appointed, are mandated to submit an annual Statement of Assets, Liabilities, and Net Worth (SALN) to the Office of the Ombudsman under Section 8 of RA 6713 and Article XI Section 17 of the 1987 Philippine Constitution.
“All public officials and employees, except those who serve in an honorary capacity, laborers and casual or temporary workers, shall file under oath their Statement of Assets, Liabilities and Net Worth and a Disclosure of Business Interests and Financial Connections and those of their spouses and unmarried children under eighteen (18) years of age living in their households,” the Constitution stated.
The deadline for submission this year was last April 30.
At the Capitol, the Human Resource Department set the deadline on an earlier date, March 31, so that the office can consolidate the documents submitted by their employees and officials.
However, the public officials have the option to send their SALN directly to the Office of the Ombudsman according to the secretary of the Provincial Board.