Sitoy ‘Richest’ In Capitol, Miguel Magpale ‘Poorest’

[Medic Mike]

A former mayor of Cordova town in Mactan Island and a member of the Provincial Board is the richest elected official at the Capitol based on his declared income.

PB Member Arleigh Sitoy of Cebu’s 6th district leads the list of millionaires in the Capitol with a net worth of P73.3 million, according to the first batch of Statements of Assets, Liabilities, and Networth (SALNs) released yesterday by the Office of the Ombudsman in the Visayas.

Sitoy, who has been the richest PB member since he was elected in 2010, increased his net worth from P68.7 million in 2012 to P73.3 million as of Dec. 31, 2013.

Net worth or actual wealth is an official’s total assets minus his or her total liabilities.

Sitoy’s net worth is more than four times that of Cebu Gov. Hilario Davide III, who declared about P15 million and outpaces Vice Gov. Agnes Magpale who declared P57.3 million.

Sitoy, in an earlier interview, said most of his assets were inherited.

As an only child, Sitoy acquired from his parents eight parcels of land in Cordova, Lapu-Lapu City, and Inopacan town in Leyte with a total worth of P64 million.

In 2004, he bought a P4 million condominium unit in Mandaluyong City. He declared no cash accounts, and listed P5.25 million worth of cars, jewelry, appliances and books.

The next richest Capitol official based on the SALN is PB Member Grecilda “Gigi” Sanchez of Cebu’s third district with a net worth of P46 million.

Sanchez, an engineer who ran her father’s successful Lactopafi health products company, owns 29 parcels of land which, except for one, she inherited from her father, the late Vice Gov. Gregorio Sanchez who was the richest government official in Cebu during his term.

She reported P37.8 million worth of residential, agricultural, commercial, industrial lots.

Aside from real properties, Sanchez owns a Kia Sorento worth P1.5 million, a yacht (P1 million), equity investment in affiliated companies (P3 million), bank deposit (P4 million), furnitures and fixtures (P800,000), and other assets worth P300,000.

Her lone liability comes from taxes and payables worth P400,000.

Sanchez owns Lactobiotics, Ahcil Laboratories Inc., and radio station Pafi The Sower of Seeds.

Sanchez is followed by PB Members Alex Binghay (P24 million), Peter John Calderon (P14.4 million), Thadeo Ouano (P10.9 million), Christopher Baricuatro (P5.2 million), and Miguel Antonio Magpale (P2.8 million).

Vice Governor Magpale’s SALN showed a slight rise in her net worth from P56.7 million in 2012 to P57.4 million in 2013.

She dislcosed a Toyota Grandia worth P1.3 million; a Mitsubishi Montero worth P1 million; bank accounts amounting to P18 million from proceeds of a lot sale in Quezon City; furnitures, antiques, paintings, pieces of jewelry, books, and appliances (P2 million); school investments (P6 million); and an investment in JD Almendras Agro-Industrial Development Corp. (11.3 million).

She also declared at least six parcels of land located in Nueva Ecija, Cebu City, Danao City and Tuburan town. Magpale said she owns two condominium units in Las Piñas City and Ayala in Manila as well as a beach resort in Danao City. Magpale does not have any liabilities.

Magpale has interests in JD Almendras Agro-Industrial Development Corp in Danao City and is the president of Northeastern Cebu Colleges in Danao City.

‘BE VIGILANT’

Deputy Ombudsman Pelagio Apostol said public officials are required to submit their SALNs under Republic Act 3019 or the Anti-graft and Corrupt Practices Act and Republic Act 6713 or the Code of Conduct and Ethical Standards for Public Officials and Employees.

Public officials have to declare under oath their assets and liabilities , as and financial and business interests including those of their spouse and unmarried children under 18 years age who live in their household.

http://cebudailynews.inquirer.net/2014/06/24/sitoy-richest-in-capitol-miguel-magpale-poorest/