Assets of 6 Cebu City officials grow

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Friday, May 2, 2014

ASSETS of six Cebu City officials increased last year, according to their statement of assets, liabilities and net worth (SALN).

Mayor Michael Rama's total assets increased by P130,285 to reach P4,442,900 as of Dec. 30, 2013 from P4,212,615 as of June 30, 2013, the start of his second term of office.

He declared P650,000 in a personal loan as liability as of December 2013.


The increase in his assets in the second half of 2013 came in the form of personal properties, which include cash on bank of P1,645,600 and jewelry worth P125,000.

As of June 30, 2013, the mayor only had P1,355,315.05 in the bank and jewelry worth P85,000. In December 2012, the mayor had P1,445,315.05 in the bank.

The mayor’s assets included his home in Barangay Basak San Nicolas, which he described as an inherited property whose value remained at P2,031,000 from 2012 to 2013.
Real estate

Vice Mayor Edgardo Labella, on the other hand, declared a total asset of P11,380,048 in 2013 with P2,654,951 in liabilities. His assets increased by P427,848 as his net worth was P10,952,200 assets in 2012.

Labella's assets includes seven residential properties in Barangay Mabolo, Barangay Bacayan, all in Cebu City; Lapu-Lapu City; Makati City; and Tubigon, Bohol. He also has four agricultural lands in Tubigon and Clarin in Bohol, and in Aloguinsan, Cebu.

Labella acquired the Aloguinsan property worth P100,000 in 2013 through a deed of assignment executed by a client, who assigned the lot to him as his attorney's fees.

Sun.Star Cebu was able to obtain yesterday the SALNs of only five councilors.


So far, first termer Councilor Hanz Abella has the highest net worth at P11,595,000.

He declared total assets P12, 195,000 and liabilities of P600,000 in the form of a bank loan.

According to his December 2013 SALN, Abella, a lawyer, owns four residential properties, two of which are condominium units in Parañaque and Taguig worth P1.3 million each. The other two real estate he owns are in Barangay Talamban worth P150,000 and a house and lot in Lapu-Lapu City worth P1.2 million.

Abella also declared P4 million in the bank; three vehicles with total worth P2.23 million; shares of stocks at Veco amounting to P50,000; shares of stocks at Petron amounting to P50,000; and furniture, appliances and jewelry amounting to P1 million.

Abella’s real estate, vehicles and stocks were obtained before he got elected councilor in May 2013. His bank savings, though, were accumulated from 1993 to 2013, the same with his furniture, jewelry and appliances.

Councilor Alvin Arcilla declared a total asset of P4,204,340 in December 2013, higher than his assets of P4,204,340 in December 2012.

His assets include two house-and-lot units in Barangay Talamban and Barangay Pit-os, and two more lots in Pit-os with a total value of P1.37 million. He also owns vehicles with combined value of P2 million.

Housing loan

Councilor Alvin Dizon reported total assets of P875,000 in December 2013 from P635,000 in December 2012. He has a P1-million housing loan as liability.

Councilor Roberto Cabarrubias, on the other hand, declared a net worth of P1.3 million in December 2013 from P989,000 in December 2012.

Councilor Nida Cabrera declared a total asset of P5.94 million with a liability of P750,000, in the form of loans.

Cabrera owns two inherited properties worth P2.7 million in Bogo City and in Tubigon, Bohol. She acquired properties with total value of P2.6 million in Liloan and Barangay Luz.

Cabrera stated in her SALN that her husband, Lorelei, who is an aircraft mechanic in Lufthansa Technik, owns shares of stocks in the Philippine Airlines.

The SALN of the 12 other councilors were not available as of press time. (PDF)

Published in the Sun.Star Cebu newspaper on May 03, 2014.

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