Without debts, Tiangco richer than Eusebio

MANILA, Philippines - Navotas City Mayor John Reynald Tiangco can actually be considered richer than outgoing Pasig City Mayor Robert Eusebio if not for his debts, which reached P76.66 million.

Based on their statements of assets, liabilities and net worth (SALNs) filed before the Office of the Ombudsman last month, Eusebio’s total assets of P148.15 million is nothing compared to Tiangco’s P223.594 million.

The STAR earlier reported Eusebio to be the richest local chief executive of Metro Manila, followed by Tiangco and Mandaluyong City Mayor Benjamin Abalos Jr., who has a total net worth of P117.3 million.

But a closer look at the SALNs of the two richest mayors of the metropolis show that Eusebio only bested Tiangco because he listed zero debts.

In terms of assets, Tiangco’s real properties – including two houses in Greenhills, San Juan and two residential lots in Navotas – amount to P79 million as against Eusebio’s P56.47 million.

Tiangco’s total investments of P89.5 million is also very far from Eusebio’s P48.66 million.

In total, Tiangco’s other personal properties are valued at P144.59 while that of Eusebio, which already included furniture and jewelry, is only at P91.68 million.

Tiangco’s liabilities listed in his SALN are comprised of personal and property loans of P39.25 million and unpaid subscription liabilities of P15.26 million.

Tiangco, compared to Eusebio, has more business interests and financial connections since he is a stockholder and director of six different firms operating in Navotas including a fishing company, a realty and shipyard firm, and a construction company.

Based on the SALNs of 16 Metro Manila local chief executives obtained from the Office of the Ombudsman, Eusebio, Tiangco, and Abalos are the richest of them all while Marikina City Mayor Del de Guzman is the poorest with a declared wealth of only P2.310 million followed by Pasay City Mayor Antonio Calixto and Makati City Mayor Jejomar Erwin Binay Jr.