Initial list: Sitoy is richest Capitol official

CEBU, Philippines - Cebu Provincial Board Member Arleigh Jay Sitoy of the sixth district tops the list of officials of the provincial government whose SALN were made available to the public.

The Office of the Ombudsman – Visayas is yet to release copies of the SALN of the other Capitol officials.

Sitoy has a net worth of P71.1 million as of December 2013. The amount is bigger by P2.4 million than his previous net worth of P68,73,000.

Net worth or actual wealth is a computation of one’s total assets minus the total liabilities.

Sitoy declared real properties worth P68 million that include lots in Cordova and Lapu-Lapu City; a house and lot in Inopacan, Leyte that he has inherited; and a condominium unit in Mandaluyong City that he purchased in 2004.

His personal properties worth P5.3 million include appliances worth P1 million he acquired from 1998 to 2013; jewelry worth P1.8 million acquired from 1998 to 2013; books worth P1 million acquired from 1990 to 2013; and a Hyundai Starex worth P1.5 million bought in 2013.

Sitoy has total assets of P73.3 million. He has total liabilities of P2.2 million covering a housing loan from GSIS worth P2 million and personal loan worth P200,000.

Sitoy is connected with Creative Management Solutions, KLMN Productions, Leaders Kennel, and ACS & KLMN Fishpond Production Farm.

Sitoy also listed four relatives in government namely, Cordova Mayor Adelino Sitoy, his father; Cordova Vice-mayor Mary Therese Chu, his half-sister; Gabi barangay captain Celedonio Sitoy, his uncle and Cordova councilor Ximgil Sitoy, his cousin.

Under Section 8 of Republic Act 6713 or the Code of Conduct and Ethical Standards for Public Officials and Employees, and Section 7 of RA 3019 or the Anti-graft and Corrupt Practices Act, public officials and employees have the obligation to accomplish and submit their SALN’s annually.

Second to Sitoy is Vice Governor Agnes Magpale with a net worth of P57,383,333, bigger by P650,000 than her previous net worth of P56,733,33.

Magpale has an agricultural lot in Nueva Ecija, residential lots in Cebu City and Danao City, and commercial lots in Danao City and Manila. She also has real property in Tuburan, Cebu.

She has P39.6 million worth of personal properties that include bank accounts, cash on hand and in bank, furniture, jewelry, books and appliances, investment in school, has share of Cebu Country Club, vehicles and investment of Almendras Agro-Industrial Development Corporation.

Magpale has total assets of P57.4 million and declared no liabilities. She is connected with Northeastern Cebu Colleges and J.D. Almendras Agro-Industrial Dev. Corp.

Her relatives in government are Cabinet Secretary Jose Rene Almendras (brother), Provincial Board Member in the fifth district Miguel Antonio Magpale (son) and her cousin Danao City Mayor Ramon “Nito” Durano III.

Ranking third is Board Member Grecilda Sanchez with a net worth of P46,038,237.50. She has real properties worth P35.8 million and personal properties worth P10.6 million. Her assets are worth P46.4 million and liabilities are worth P400,000.

Board Member Alex Binghay ranks fourth with a net worth of P24.1 million, which is higher by P15 million than his previous net worth of P9,061,280 in 2012.

He has P28.6 million total assets including a residential building in Gaas, a residential land in Gaas, as well as 14 agricultural lots, furniture, appliances, share of inherited lot (common property) sold in 2011 at P4.5 million and vehicles.

Binghay has liabilities worth P4.5 million because of a loan from BPI, a salary loan from CFI, a truck loan from Dyno Finance Corp, and an SUV Toyota Fortuner from BPI.

He is connected with Ace Ports Services, Club Ultima, resort in Mactan and two others. His son, Ace Binghay, is the mayor of Balamban and his other son, Alexis Joseph Binghay, is connected with provincial government.

Binghay is followed by Peter John Calderon with a net worth of P14,981,470, which is higher than his 2012 net worth of P13,219,376.

Next to Calderon is Governor Hilario Davide III with a net worth of P14,932,749.19, total assets of P19,415,158.19, and liabilities amounting to P4,482,409.

Board Member Thadeo Zambo Ouano has a net worth of P10.9 million, Board Member Christopher Baricuatro has P5.2 million and Board Member Miguel Antonio Magpale has P2.8 million. (FREEMAN)