MCC earns P.6M from 2006 to 2007

Months after demands by the Mandaue City government for the submission of the financial statement of the controversial Mandaue City College, the much-awaited report has finally arrived.

Based on the six-page report, which contained the statement of operation, total assets, liabilities and equity, statement of receipts and disbursements and other statements surrounding the city college, it shows that from April 2006 to May 2007 it had a total income of P7,445,387.91.

Within the same period, their total expenses however reached P6,822,610.77 or a total net income of P622,277.17.

The college, which is headed by Paulus Mariae Cañete, based on the balance sheet report as of May 31, 2007, has total liabilities of P761,004.02, which is lesser by P138,726.85 against their net income of P622,277.17.

Listed in their liabilities includes accrued payroll worth P675,370, CFI loan payable P30,167.02, Medicare worth P12,250, SOS loan worth P24,879 and others amounting to P18,338.

However, listed as the college’s assets includes P5,000.24 cash at the Land Bank of the Philippines savings account, student tuition receivable worth P972,261.67, suspense account worth P406,519.25 and P50,000 in donations.

Cañete, when asked for a comment said that he is not so familiar with the report and cannot make further comments.

Edgar Agustilo, MCC dean of teacher’s education told The Freeman yesterday that it was he who facilitated the preparation of this report which was made by an independent auditor, whose name he opted not to reveal for the meantime.

Elmer Ripalda, the MCC dean of industrial technology and engineering, was the one who sent the report to The Freeman yesterday.

Furthermore, under the statement of operation for the same period, the college’s expenses was spent for the salaries of its personnel amounting to  P6,201,663, followed by P343,342.28 for office and school supplies, P79,445.34 for seminars, P66,766 for representation, P31,827.35 for repairs and maintenance, P23,242.65 for ads and subscription, miscellaneous worth P17,488.40, P17,000 for honorarium, P10,000 for professional fees, among others.

Also, under the statement of receipts and disbursement for the same period, the total receipts reached to P6,473,123.24, wherein P6,267,803.74 is collected from tuition fees and another P205,322 from entrance fees.

Of the P6,473,123.24 total receipts, the total disbursement however reached to P6,061,606.75 or a net receipts of P411,519.49.

The college was established in 2005 during the administration of former mayor Thadeo Ouano.

Meanwhile, the Mandaue City Police Office has written TV station GMA-7 and the National Telecommunications Commission-7 to strengthen the illegal possession case of firearms they filed against Cañete.

 SPO1 Arnulfo Quiachon of the Investigation and Detection Management Branch of MCPO said that they requested the TV station to provide them the video footage of the negotiations between Cañete and Gavino Cabahug, who Cañete allegedly hired to steal the documents of MCC and kill Mandaue City Mayor Jonas Cortes.

 Both negotiations, which occurred last May 3 and May 6, were reportedly documented by the station’s hidden cameras.

 Quiachon also said that a separate letter addressed to the NTC-7 to trace and confirmed Cañete’s cellular number and the text messages which he sent to Cabahug.

 Both cellular phone of Cañete and Cabahug were seized by the police during the May 8 arrest of Cañete inside his own car which was parked in front of the Fatima Church in barangay Basak.  Cañete was allegedly caught in the act of handing a .38 cal. revolver to Cabahug.  — Mitchelle L. Calipayan and Flor Z. Perolina/BRP