Rama gripes on story: My wealth is inherited

Cebu City Mayor Michael Rama complained about yesterday’s banner story of Cebu Daily News, which he said made it appear that his increase in net worth came quickly.

The mayor complained that his photo was accompanied with the percentage of increase in his personal wealth appeared bigger that the rest of the other elected officials and made him “feel bad.”

He explained that the increase happened because of the transfer of family-owned real properties under his name.

Cebu Daily News mentioned the transfer of inheritance in Rama’s name in yesterday’s banner story titled “Wealth Grows.”

“Mura bag si Mike Rama ni kalit lang ugka datu (It looked like Mike Rama got rich quickly.  You should be careful (with what you write),” he said.

Rama said there was nothing irregular about his increase in personal wealth.

He said it wasn’t the first time that he declared millions of pesos worth of assets in his Statement of Assets and Liabilities and Net Worth (SALN).

He said his net worth was larger when he was still married to Araceli Lim Francisco due to their declaration of their conjugal properties.

Rama said his net worth went down when his annulment came a few years back.

“I reported this because they may file charges if we don’t,” Rama said.

The mayor said the transfer of the property to his name means he would have to pay for its taxes.

Rama’s wealth rose more than P2 million in just a year of office as mayor of Cebu City.

The mayor’s declared wealth based on his SALN in 2010 was P1.8 million.

It went up to P3,955,217 last year as stated in his 2011 SALN.

The two-hectare Rama compound in Basak San Nicolas used to be under his grandfather’s name Vicente Rama Sr. but the property was recently subdivided among the clan members.

He said his wealth could increase even more once his share of his family’s property in Danao City, northern Cebu, will be transferred under his name in a few months. Chief of Reporters Doris C. Bongcac and Correspondent Tweeny M. Malinao