Millionaires’ clique
The Provincial Board of Cebu is composed of millionaires based on their latest Statement of Assets Liabilities and Net Worth.
Board Member Arleigh Sitoy of the sixth district remains the richest elected official in the provincial government with a net worth of P72.8 million as of December 2014.
Sitoy, though, recorded slight decrease in his net worth from P73.3 million in 2013. In that year, he also topped among his colleagues in the legislative body in terms of wealth.
In his latest SALN, he declared total assets (personal and real properties) of P73.9 and liabilities of P1.1 million.
Net worth or actual wealth is a computation of one’s total assets minus the total liabilities.
Sitoy’s real properties worth P68 million include lots in Cordova and LapuLapu City acquired in 2002, a house and lot in Inopacan, Leyte, and a condominium unit in Mandaluyong City, all were inherited and “co-owned.”
He disclosed in his personal properties his appliances totaling to P1.8 million, jewelry (P800,000), books (P1 million), and two vehicles (P2.3 million) acquired in 2013 and 2014. He reported no cash in bank.
His liabilities, on the other hand, are housing and personal loans.
He is the son of Cordova town Mayor Adelino Sitoy. He also served as mayor of Cordova for three terms from 1998 to 2007.
He reported a consultancy firm, event productions, dog business, and fish production, as among his business interests that he acquired in 2013.
He further listed seven relatives working in government, including his father. His other relatives are his half-sister Cordova Vice Mayor Mary Therese Chu, uncle Barangay Captain Celedonio Sitoy of Gabi in Cordova, cousin Councilor Ximgil Sitoy of Cordova, and cousin Monalisa Ursal, a staff of the Office of the Vice Mayor in Cordova.
His daughter Natileigh Marie Therese Sitoy and son Martin Adelino Maxarlnino Sitoy also worked in the PB as chief of staff and staff, respectively.
Declarants are required to include in their SALN their relatives within fourth degree of consanguinity in the government service.
The submission of SALN is required under the 1987 Constitution and Republic Act No. 6713 (Code of Conduct and Ethical Standards for Public Officials and Employees).
The second richest Capitol official is Board Member Raul Alcoseba with P68.7 million net worth.
He has a total of P73.5 million in assets while his liabilities reach to P4.7 million covering his bank loans, account and mortgage payables.
He listed in his real properties worth P65 million the inherited lots in Cebu City amounting to P26 million in current market value, a P4-million house, and a P16.5-million school building acquired through bank loan.
He also acquired a grill/resto at P6.5 million and “The Monastery” in Lahug at P4 million, both through lease, and five vehicles amounting to P7.8 million through mortgage.
For his personal properties, he has a total of P8.5 million in furniture and antique items, jewelry, equity, cash in bank, and paid premiums of his private insurance. He declared no relatives in the government service.
Alcoseba was followed by Vice Governor Agnes Magpale, who heads the PB, with P58 million net worth, higher than P57.38 million in 2013.
She declared in her latest SALN a total of P58 million assets, P17.8 million of which are her personal properties and P40.283 million worth of real properties. She reported no liabilities.
Other members of the PB who declared millions in wealth are Grecilda Sanchez with P48.6 million net worth, Alex Binghay (P20.3 million), Sun Shimura (19 million), Peter John Calderon (P15.9 million), Thadeo Ouano (P13.7 million), Celestino Martinez III (P6.6 million), Christopher Baricuatro (P4.1 million), Miguel Antonio Magpale (P3.6 million), Julian Daan (P3.3 million), Jude Thaddeus Sybico (P2 million), and Carmen Remedios Durano-Meca (P2 million).
Board Member Joven Mondigo, who served as associate lawyer of a law firm before being elected in his current position, is the poorest among the provincial legislators with only P1.5 million net worth.