DAVAO CITY (MindaNews/07 April) – Surigao City’s Ernesto Matugas is not only the richest city mayor in Mindanao among 27 of 33 city mayors who filed their Statement of Assets, Liabilities and Net Worth (SALN) as of yearend 2010, he is also the richest elected government chief executive in Mindanao with a declared net worth of P414.69M.
After Matugas, the second richest city mayor in Mindanao is Zamboanga’s Celso Lobregat, at P66.32M or P348.37 million less than Matugas’, followed by Lamitan’s Roderick Furigay who posted a net worth of P30M.
The city mayor who posted the lowest net worth is Digos City’s Joseph Penas at P605,068, followed by Bayugan’s Kim Lope Asis at P649,740 and Malaybalay’s Leandro Jose Catarata at P1.21M. (see list in main story)
Matugas was elected mayor of Surigao City in 2010. His brother, Francisco, is a congressman while his sister-in-law, Sol, wife of Francisco, is the incumbent governor of Surigao del Norte.
According to his SALN, the mayor is President of Woodridge Properties in Inc., in Alabang, Muntinlupa City since 1997; President of Woodridge College in Bacoor, Cavite since 1984; and Director of Woodridge School-Cebu, Inc., since 2001.
From 1978 to 2001, he was an appraiser at the Bureau of Customs, according to his Facebook account.
Matugas listed assets worth P419.90M and liabilities of P4.20M.
Under real property, totaling P380.07M, he listed five residential lots in Bacoor, Cavite; four in Las Pinas City; three in Surigao City; one in Tagaytay City; one in Navotas; one commercial lot in Surigao City; agricultural lots in Surigao City and Talisay, Cebu; and a 24-hectare agricultural lot in Dapa, Surigao del Norte.
Matugas declared a total acquisition cost of P21.41M for all the property. The total of P380.07M he declared he based on the current market value of the land and building improvement.
Under personal and other properties, he listed P38.83M: five vehicles (Kia Sorento, Hyundai Starex, Isuzu Altera, Toyota Vios and Hyundai Santa Fe); jewelry, furniture and appliance worth P19M and investment in shares of stocks at P15M.
Matugas declared liabilities worth P4.20M – a housing loan worth P3.57M from EastWest Bank; car loan from Banco de Oro for Isuzu ALtera at P461,352.02 and car loan from BPI Family bank for Toyota Vios at P169,792.00
Zamboanga’s Mayor Lobregat listed total assets of P76.14M and liabilities of P9.81M.
Under real property, he listed only four, none of them in Zamboanga City, worth P9.08M: land and building in Las Pinas purchased in 1976 at P80,000; land in Lipa City, Batangas acquired in 1984 from “inheritance installment” at P6M; condominium in Makati City, acquired as inheritance for P3M but the year it was acquired was not mentioned; and a condominium in Manila acquired in Manila in 2009 as inheritance.
Lobregat’s P9.08M declaration is based on the acquisition cost of the Las Pinas, Lipa and Makati property.
The Las Pinas property’s assessed value is P113,720; its current fair market value at P717,220. The Lipa land’s assessed value is P239,960 while its current market value is P689,913. There is no assessed value and current fair market value declared for the Makati condominium while the Manila condominium’s assessed value is P455,434 and its current fair market value is at P1.37M. The acquisition cost for the Manila condominium, also acquired as an inheritance like the Makati condominium, is not indicated.
He listed under personal and other properties a vehicle acquired in 1994 at P1.9M; appliances, jewelry, furniture and fixtures at P1.24M; and cash, investments and receivables at P63.91M.
Lobregat listed 28 firms in which he has shareholdings as of yearend 2010: Aboitiz Equity Ventures, ABS-CBN Corporation, Forum Pacific Inc. (Air Phils, Intl. Corp.), Alabang Golf and Country Club, Alaska Milk Group, ATS Preferred (Aboitiz Transport), Balabagan Agricultural Corp., Cyber Bay Corp. (Centennial City, Inc.), Roxas Company, Inc. (CADC Group Corp.), Roxas Holdings Central Azucarera Don Pedro, Banco de Oro, Fil-Estate Land, Inc., Filipino Fund, Inc., Holcim Phils. Inc., Mabuhay Holdings Corp., Macroasia Corp., L&L Farms and Gardens, Inc.,MRC Allied Industries, Inc., Petron Corp., SM Development Corp., South East Asia Cement, Steniel Mfg. Corp., Swift Foods, Inc., Universal Robina Corp., Arthaland Corp. (EIB Realty Developers), Vitarich Corp., Waterfront Phils. Incl, and Aboitiz Transport System.
Lobregat listed as liabilities, an accounts payable worth P9.81M. In 2008, Lobregat’s net worth was P52.26M.
Lamitan’s Mayor Furigay declared assets worth P40M and liabilities worth P10M.
He listed two buildings and lots in Isabela City also in Basilan; one building and lot in Lamitan; two lots in Lamitan – all acquired through loans between 2000 and 2008 – and whose current fair market value totals P38M. Under personal and other properties, Furigay declared furniture and antiques worth P500,000 and jewelries worth P100,000 for total assets worth P38.6M.
The computation on Furigay’s SALN, however, was rounded off to P40M less P10M liabilities to make for a net worth of P30M. But based on P38.6M, his net worth should be P28.6M. Still, he remains the third richest, as the fourth — Oroquieta mayor Jason Almonte – posted a net worth of P24.05M.
In 2008, Furigay’s net worth was P18M.
Digos mayor Penas, who posted the lowest net worth at P605,068, declared assets worth P1.12M and liabilities worth P524,497.
He listed two agricultural lots in Digos City, a house and lot in Digos and another lot in Digos to make for P564,000 in terms of real property. Under personal and other properties, he listed P54,500 for books, jewelries, household appliances; cash on hand and in bank for P218,975.15; stock investment worth P51,400; private insurance for P48,090; pre-need plans for P92,600; and a Jiffy acquired in 1996 for P100,000.
Under liabilities, Penas listed housing loans from the Naitonal Home Mortgage Financing Corporation for P121,597.74; a multipurpose loan from PAG-IBIG for P100,987; a multipurpose loan from COA PWA/COAREMCO for P279,427.49 and credit card account with Citibank for P22,484.91.
Bayugan’s Mayor Asis declared assets worth P749,700 and liabilities worth P100,000.
Under real property, Asis listed one residential lot in Bayugan, acquired in 1989, with a current fair market value of P40,000.
Under personal and other properties, he listed jewelries worth P27,000; motorcycle worth P60,000; appliances/cellphone worth P20,000 and Saddam (a truck) for P600,000.
Under liabilities, Asis listed a P100,000 from Green Bank although it was not indicated if this was a loan or a mortgage.
Before Asis became mayor in 2010, his mother, Magdalena, was the mayor. She posted a net worth of P1.12M as of yearend 2008.
Valencia’s Mayor Catarata posted total assets at P1.25M and liabilities worth P46,127.74 to make for a net worth of P1.21M.
Under real property, Catarata listed the following: agricultural land in Valencia whose current fair market value is P500,000; agricultural land in Tugaya at current fair market value of P100,000 and a motor vehicle worth P58,000 to make for a total of P658,000.
Under personal and other properties, Catarata listed cash on hand and bank accounts worth P140,000; furniture and antiques worth P160,000 and jewelry worth P300,000 to make for P600,000.
He listed under liabilities a livelihood loan for P46,127.74. In 2007, Catarata’s net worth was P1.02M.
Tacurong’s mayor Lina Montilla was initially recorded as having the third lowest net worth as of yearend 2010, at P985,000. That amount, however, represents Montilla’s liabilities. She declared total assets worth P7.24M less liabilities of P985,000 to make for P6.25M net worth.
In a listing of 27 city mayors who filed their SALN in 2010, Catarata is 25th while Montilla is 18th in MindaNews’ ranking of highest to lowest net worth. (Carolyn O. Arguilas/MindaNews)