Sitoy tops Capitol millionaires list

Arleigh Sitoy

Cebu Provincial Board (PB) Member Arleigh Jay Sitoy remains the richest elected official at the Capitol based on his declared net worth.

Sitoy, who represents Cebu’s 6th district in the PB,  declared a net worth of P72.9 million as of Dec. 31, 2014 in his Statement of Assets, Liabilities, and Net Worth (SALN).

Sitoy, an only child,  said he inherited the bulk of his assets in real estate.  His father Adelino is the current mayor of Cordova town.

Sitoy’s  net worth  was nearly three times more than the P19.4-billion net worth declared by Gov.  Hilario J. Davide III and 25 percent more than the P58 million declared by Vice Gov.  Agnes A. Magpale.

Net worth is the sum of total assets minus  total liabilities.

Copies of the PB members’ SALN were released  yesterday by the Cebu Provincial Information Office.

Sitoy has been the richest PB member since he was elected in 2010. He declared a net worth of P68.7 million in 2012 and P73.3 million in Dec. 31, 2013. His net worth declined by P400,000 to P72.9 million as of end-2014.

Among the assets that the younger Sitoy inherited from his parents were eight parcels of land in Cordova, Lapu-Lapu City and Inopacan town in Leyte worth a total of P64 million.

In 2004, he purchased a P4-million condominium  in Mandaluyong City. He declared no cash accounts and listed almost P6 million worth of cars, jewelry, appliances and books.

The second richest Capitol official based on his SALN is PB Member Raul “Yayoy” Alcoseba of Cebu’s 1st district. He declared a net worth of P68.8 million in 2014.

Alcoseba, a former Cebu City councilor, said he inherited two lots in barangay Capitol Site and Banawa worth P26 million and owns a house in barangay Capitol Site worth P4 million. The amounts were based on current fair market value.

Alcoseba also owns a school, a resto-grill, a resto-bar and five vehicles worth P37.8 million.

He  listed a total of P8.5 million in furniture, antiques, jewelry, stocks, cash in bank and private insurance.

He listed liabilities amounting to P4.75 million in the form of bank loans and accounts and mortgage payables.

Alcoseba is followed by PB Members Grecilda “Gigi” Sanchez (P48.7 million), Alex Binghay (P20.3 million), Sun Shimura (P19 million), Peter John Calderon (P16 million), and Thadeo Ouano (P13.7 million).

Other PB members and their net worths are: Celestino Martinez III (P6.6 million), Christopher Baricuatro (P4.2 million), Miguel Antonio Magpale (P3.6 million), Julian Daan (P3.36 million), Carmen Remedios Meca (P2.08 million), Jude

Thaddeus Sybico (P2.05 million) and Joven Mondigo (P1.5 million).

Capitol officials and regular employees are required to submit their SALNs to the Provincial Human Resources Development and Management Office.  These were then submitted to the Office of the Ombudsman in the Visayas on or before the April 30 deadline this year.

All government officials are mandated to declare their assets and liabilities, including those of their spouse and unmarried children under 18 years old, 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.