Magpale has the highest net worth in the Provincial Board

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Monday, May 23, 2011

CEBU Provincial Board (PB) Member Agnes Magpale is the richest of all PB members with a net worth of P53.7 million, said her statement of assets, liabilities and net worth (SALN) released by the Office of the Ombudsman Visayas last week.

Magpale’s riches come mostly from her personal and other properties which totaled P25 million. This is broken down into a bank accounts/cash on bank from proceeds of a sale of a house in Quezon City (P18 million); furniture, antiques, paintings, jewelry, books and appliances (P2 million); and time deposits (P2 million).

Magpale had no liability as of Dec. 31, 2010. Her business interests include Northeastern Cebu Colleges, Inc. in Danao City and the JDA Agro-Industrial and Development Corp.


Magpale listed four relatives in government, including cousin Ramonito Durano III, (Danao City vice mayor), brother Jose Rene Almendras, (Energy secretary), daughter Josefina Patricia Asirit, (Energy undersecretary) and son Miguel Antonio Magpale, (Danao City councilor).

Board Member Sun Shimura followed Magpale with a P23.4-million net worth.

Shimura, former mayor of Daanbantayan, Cebu, has P21 million in real properties. These were a beach lot in Malapascua Island with a current fair market value of P9 million and a residential lot in Pajo, Daanbantayan town valued at P12 million.

Shimura’s lone personal property is a Nissan Patrol worth P2.4 million. He had no liability as of December 2010.

Board Member Thadeo Ouano ranked third, posting a net worth of P15.142 million. His real properties totaled P7,148,184, including a residential lot in Liloan town (P4.020 million) and five more lots in Mandaue City.

His personal and other properties totaled P11,003,269. These were cash on hand/bank (P2.126 million); Thad-Lind Ouano (P603,682); Time Republic Manpower (P998,494); Joly-Red Cebu, Inc. (P975,000); Joly Cybergate Corp. (P4. 4 million) and a Ford Expedition (P1.9 million).

Ouano’s liabilities reached P3.009 million as of December 2010.

Board Member Alex Binghay ranked fourth, with P12.339 million. The former Balamban town mayor declared a total of P14,912,030 assets. These included a Chevrolet Captiva (P1.499 million), furniture (P120,000), appliances (P130,000) and a residential lot in Daas, Balamban (P863,650).

Board Member Peter John Calderon is fifth in the list of millionaire-legislators, with P12. 249 million net worth.

The bulk of Calderon’s wealth came from his real properties totaling P6,980,042, including 18 lots in Banawa, Cebu City and Samboan (P5.714 million).

Calderon listed nine companies where he invested stocks (P2.203 million).

His personal and other properties totaled P5.759 million, which included a Honda Civic (P620,000), Toyota Fortuner (P1.436 million), furniture (P100,000), jewelry (P100,000), and cash on hand (P1.3 million).

The other Provincial Board Members whose SALNs were released by the anti-graft office were Wilfredo Caminero (P7.590 million), Julian Daan (P2.518 million), Jude Thaddeus Sybico (P1.840 million), Sergio Restauro (P1.451 million), Ceasar Ian Zambo (P712,000), Joven Mondigo (P861,000), Carmen Remedios Meca (P695,000), and Aladin Wilyamie Caminero, (P57,500).

Published in the Sun.Star Cebu newspaper on May 23, 2011.

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