PB ruled by millionaires

The Cebu Provincial Board remains to be a clique of millionaires according to the provincial legislators' 2017 Statement of Assets, Liabilities, and Net Worth.

The richest of them is PB Member Jose Mari “Tata” Salvador with a total net worth of P64.349 million with no liabilities. Net worth is the equivalent to one's combined real and personal properties called assets minus the amount of liabilities.

Salvador was also the richest member of the PB in 2016. Back then, he declared a net worth of at least P62 million. His assets are derived from his properties here in the Philippines and his several dollar accounts.

His declared real properties remain at P8.538 million. Meanwhile, his personal properties are worth over P38 million consisting of 21 vehicles, appliances, and cash. All of which are acquired since 2002 to 2017. His dollar accounts remain the same as in his previous SALN.

In 2016, his net worth was over P62 million. The increase of his net worth was largely attributed to his acquisition of a new car and the rise of the foreign exchange rate. At present, the exchange rate of one dollar is close to P52.

He declared seven business interests, including three gasoline stations, a taxi business, a hauling business, a pizzaria, and a water refilling station.

Second in rank is PB member Horacio Franco who has declared a net worth of P47.4 million also with no liabilities. He dislodged PB member Thadeo Jovito Ouano, who was on the second spot in 2016.

Ouano declared a net worth of P35.975 million. Compared in 2016, his assets went up by around P140,000. His liabilities also went down from P1.5 million in 2016 to P1.3 million in 2017.

PB member Edsel Galeos remains on the fourth rank with a net worth of P28.44 million. His assets are worth P64.122 million which is almost the same with that of Salvador. However, his accumulated liabilities amounted to P35.682 million.

PB member Alex Binghay has a net worth of P25.847 million while Sun Shimura has P24.4 million. The other PB members are still millionaires but fall under the P20 million bracket.

They are Glenn Bercede with P16.515 million; Celestino Martinez III with P8 million; Earl Tidy Oyas with P7.683 million; Christopher Baricuatro with P5.425 million; Victoria Toribio with P4.807 million; Miguel Magpale with P4.01 million, Jude Thaddeus Sybico with P2.850 million; Jerome Librando with P2.245 million; Yolanda Daan with P1.384 million; and Raul Bacaltos with P1.223 million.

There are seven legislative districts in Cebu Province, each with two representatives in the PB. The 14 are joined by two ex-officio members in the PB who represents the Association of Barangay Captains (ABC) and the League of Councilors.