ALCOSEBA
Based on declared net worth, Cebu Provincial Board (PB) Member Raul “Yayoy” Alcoseba was the richest elected official at the Capitol as of 2015.
Alcoseba, who represents Cebu’s first district in the PB, declared a net worth of P72.9 million as of Dec. 31, 2015 in his Statement of Assets, Liabilities and Net Worth (SALN), an increase of more than P4 million from his SALN report of P68.8 million in 2014.
He overtook PB Member Arleigh Sitoy, who has been the richest PB member since he was elected in 2010.
Sitoy recently declared a net worth of P69 million in 2015, a decrease of almost P4 million compared to P72.9 million the previous year.
Alcoseba’s net worth was nearly three times more than the P18.9 million net worth declared by Gov. Hilario Davide III and nearly 25 percent more than the P59 million declared by Vice Gov. Agnes Magpale.
Net worth is the difference between total assets and total liabilities.
Copies of the PB members’ SALNs were released yesterday by the Cebu Provincial Information Office.
In a phone interview, Alcoseba attributed the increase in his net worth to settled liabilities after his car mortgages were paid off. He said income from his businesses also increased.
Alcoseba, a former Cebu City councilor, said he inherited two lots in Barangay Capitol Site and Banawa worth P26 million. He owns a house in Barangay Capitol Site worth P4 million.
The amounts were based on current fair market value.
The board member also owns a school, a resto-grill, a resto-bar and five vehicles worth P34.87 million.
Alcoseba listed liabilities amounting to P550,000 in the form of accounts and mortgage payables.
Sitoy, on the other hand, said his net worth went down because he sold the rights to one hectare of land he inherited.
Sitoy was followed by PB Members Grecilda “Gigi” Sanchez (P50.69 million), Alex Binghay (P22.39 million), Sun Shimura (P19.34 million), Peter John Calderon (P17.9 million), and Celestino “Tining” Martinez III (P6.6 million).
Other PB members and their net worths are: Christopher Baricuatro (P4.5 million), Julian Daan (P3.48 million), Miguel Antonio Magpale (P3.35 million), Carmen
Remedios Meca (P2.08 million), Jude Thaddeus Sybico (P2.17 million) and Joven Mondigo (P1.8 million).