Gov Davide reports P19 M net worth, VG Magpale P58 M

Cebu Gov. Hilario Davide III declared  a net worth of P19.4 million  as of Dec. 31, 2014,  an increase of  P5 million  from the  last filing of his Statement of Assets, Liabilities, and Net Worth (SALN).

The governor submitted his SALN to the Ombudsman on April 10, 10 days earlier than the required deadline for all public officials.

Copies of his SALN and that of Vice Gov. Agnes Magpale were distributed  to Capitol reporters by the  Provincial Information Office.

Asked about the P5 million increase, Davide  attributed this to the business of his wife Jobella.

“My wife owns a recovery management service. They had an increase in income. That explains why my net worth increased, too,” he said.

Davide is connected with Recovery Management Services, a collection agency acquired by his wife Jobella in 2003.

The governor said his only source of income is from his post as Cebu governor while most of his net worth comes from the income of his wife’s business.

His wife’s family also owns ZL Angan Development Inc. in Tagbilaran City, Bohol.

Meanwhile, Vice Governor  Magpale declared a net worth of P58 million as of Dec. 31, 2014, a figure not much different from the previous year’s reporting of P57.8 million with no liabilities.

READ: Gov’t workers told: File SALN

At the Capitol, department heads and other officials were encouraged to submit their SALN on or before April 15.

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

The annual  disclosure,  required by law, is a means of promoting transparency  and accountability in public service.

Davide’s SALN showed that he owns a condominium in Taguig City in Metro Manila, one of five real properties listed.

He acquired the condominium in 2008 for  P3.4 million.

Davide’s wealth is tied to real properties which he bought before he became a Cebu City councilor and then governor.

His real properties amounted to nearly P8 million. These include three lots in Cebu City and a house in Mandaue City.

Davide’s assets include nearly P6 million in a joint bank account with his wife, P6.3 million in cash from his wife’s business and P750,000 in books, jewelry, appliances and furniture.

His liabilities amounted to P4.38 million. These include a housing loan worth P3,408,720; car loan worth P480,182; and credit cards worth P500,000.

Davide said he has seven relatives working in the government.

Meanwhile, Vice Gov. Magpale’s  net worth of P58 million was mainly linked to  real properties which amounted to P17.8 million ––  five lots, two houses, two condominiums and a beach resort.

Assets include P18.7 million in bank accounts (acquired from proceeds of  the sale of a house in Quezon City), and P2 million in furniture, antiques, paintings, jewelry, books, appliances and other investments, among others.