Gwen Garcia is richest local official in Cebu

CEBU CITY—Suspended Cebu Gov. Gwendolyn Garcia remained the richest local official in Cebu with a net worth of P105,198,709 as of Dec. 31, 2012.

Second in the list of Cebu’s richest was Cebu City Councilor Rodrigo Abellanosa, who was elected in Cebu City’s south district congressional race with a net worth reaching P73.1 million.

Acting Cebu Gov. Agnes Magpale, a scion of the Durano clan, came in third with a net worth of P56.7 million.

Net worth or actual wealth is computed based on the value of one’s total assets minus total liabilities.

Increased wealth

The net worth of Garcia, who won in Cebu’s third congressional district, increased by P12.7 million since she was elected governor in 2004.

Based on her 2012 statement of assets, liabilities and net worth (SALN), Garcia’s net worth rose by P1 million from P104.1 million in 2011 to P105.19 million in 2012.

Her total liabilities reached P53.4 million and comprised of bank loans (P32,177,667), accounts payable (P16,117,078), and loans from the Government Service and Insurance System (GSIS) and Pag-Ibig (P5,172,672).

According to her SALN, Garcia’s assets reached P158,666,117, including P98,112 in bank accounts and cash on hand; P2.4 million in furniture and antiques; and P8.6 million in pieces of jewelry.

Assets

Garcia listed as assets her two residential lots one in Cebu City and another in Ormoc City—and a Chevrolet vehicle, which she bought before she was elected governor in 2004, with a total worth of P88.9 million.

Garcia owns 67 percent of the Gwen Garcia Codilla Group Inc. valued at P34.5 million and 50 percent of the GGC Enterprises in Ormoc City valued at P24.3 million.

She was also a shareholder of the GGC Group Inc. and the GGC Services  Inc. in Ormoc City, Leyte; and is the proprietor of GGC Enterprises in Ormoc City, Leyte.

On the other hand, Magpale’s net worth increased from P54.9 million in 2011 to P56.7 million in 2012.

When she was a provincial board member, Magpale usually topped the list as the wealthiest legislators in the Capitol.

Magpale reported no liability and owned pieces of real property including a beach resort in Danao City, a beach lot in Tuburan town, Cebu, two condominium units in Las Piñas and Ayala, as well as agricultural, residential, and commercial lots amounting to P17.3 million.

Cash

She has P18 million cash on hand; furniture, antiques, paintings, pieces of jewelry, books and appliances (valued at P2 million); school investment (P6 million); Toyota Rav 4 vehicle (P1.1 million); and Mitsubishi Montero (P1 million).

Magpale, who was elected vice governor last election, is connected with the JD Almendras Agro-Industrial Development Corp. in Danao City and is the president of Northeastern Cebu Colleges in Danao City.

Abellanosa, on the other hand, has a net worth of P73.1 million.

Abellanosa is the president of Asian College of Technology and the chief executive officer/owner of CyberTower Development Corp., Quickshoppe Supermart Inc., and American International Culinary and Hospitality Institute.

Law

Public officials and employees are required to submit their SALNs every year under Republic Act No. 3019 or the Anti-Graft and Corrupt Practices Act and RA 6713 or the Code of Conduct and Ethical Standards for Public Officials and Employees.

They have to declare under oath their assets and liabilities, net worth and financial and business interests, including those of their spouses and of unmarried children under 18 years of age living in their households.