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Fua's Unexplained Wealth? Part II

by Rene Rocamora

April 2004

In my prior article, I reviewed the financial statements of former Congressman and current Governor of Siquijor Orlando B. Fua. The data is taken from his Statement of Assets and Liabilities (SAL) filed at the Philippine House of Representatives. The records spanned nine years since he took office as the lone representative of the District of Siquijor.

Steady Asset Accumulation

Upon becoming the lone representative of the Province of Siquijor, Fua slowly started accumulating assets. Between 1987 and 1988, his assets rose by P230,746. At the end of 1989 his total assets were valued at P1,565,000, an increase of P586,000. Cash and cash equivalents went down by P134,00, Real Estate was up by P395,000, Furniture & Equipment had a net increase of P25,000 and Vehicles rose by P300,000. Meanwhile, Liabilities went up from Zero to P700,000.

The pace of asset accumulation by Fua continued at a steady pace until July 1, 1992.Cash and Cash Equivalents completely disappeared from his SAL beginning in 1990. The July 1, 1992 SAL stated the following: Real Estate, P910,000, Vehicles, P1,000,000, Furniture & Appliances, P80,000 and Car Loans at P490,000.

2.5 Million Quezon City Property

By the December 31, 1992 SAL, Fua listed a major real estate property acquisition located in Quezon City valued at P2,500,000 financed through loans from various sources. The liability section of his SAL listed P1,150,000 from Allied Bank, P1,550,000 from Orpheus & Ornanette Fua, P247,000 from Interbank and P59,000 personal loan for credit cards, PNB, Bankcard and Mastercard.

Financial logic means that this property was financed by the two loans (Allied Bank and Orpheus & Ornanette Fua) which adds up to P2,700,000, the extra P200,000 could be for additional asset acquisition.

It is not uncommon that parents borrow money from their financially successful children. However it is worth noting that in Fua’s July 1, 1995 SAL, he stated Orpheus Fua to have a government position of LSC at the Office of the House of Representatives. The SAL requires that you identify any of your relatives in the government service within the fourth degree of consanguinity or of affinity. How much is the salary of a government employee with an LSC position?

LSA (Legislative Staff Assistant) Equivalent to a Special Police Corporal

A LSA1 position has salary grade of 6 which is equivalent to the position of Postal Teller I, Midwife I and Special Police Corporal. Step 1 earns a monthly salary of P7,606 and P9,042  for Step 8. How did the Legislative Staff Assistant become the lender of a multi-million pesos real estate property to his superior, the Congressman? Is this loan real or just a front to hide unexplained or hidden wealth?

Get your copy of Fua's 1992 Statement of Assets and Liabilities. (PDF)