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Cebu Province gains P1B asset from forfeited private property
By: Vanessa Almeda | Published Thursday, September 24, 2020
A 64-hectare lot in Barangay Uling, City of Naga worth P1 billion now belongs to the Province of Cebu after its private owner failed to pay the real property tax due.

The Province of Cebu is the new owner of a 64-hectare lot in Barangay Uling, City of Naga, southern Cebu as its private owner failed to pay the real property tax due, adding about P1 billion more to the coffers of the Provincial Government.

Provincial Treasurer Roy G. Salubre said the property, which was titled last month, is the same property identified as site for the proposed Waste-to-Energy (WTE) project of the Capitol. 

According to Salubre, the said property under the name of a certain Leopolda Cecilio was auctioned by the Province in 2007 after she failed to pay P11 million in real property tax.

He said Cecilio failed to pay within the one-year prescribed period, thus her “option to redeem passed.”  

This development brings in more resources to fund Capitol’s projects set to benefit the Cebuanos and solidify Cebu’s mark as a premier province of the country.

Since she assumed office in 2019, Governor Gwendolyn Garcia was able to remarkably increase Cebu’s assets by recovering prime properties of the Province.

The Province of Cebu had P34,528,151,645.89 in total assets based on the 2018 financial statement submitted to the Commission on Audit (COA).

A year after, an increase of P168,445,470,246.34 was recorded. This is attributed to the re-appraisal of existing provincial properties and the recovery of properties previously given to other entities wherein agreements were disadvantageous to the Province.

“In 2019, as of December 31st, the total assets of the Province of Cebu, now stands at P202, 973,621,892.23 or an increase from 2018 to 2019 of P168,445,470,246.34,” Garcia earlier said in her Report to the Province on August 6.

The Naga-Uling property acquisition is also the first since Cebu Province was placed on enhanced community quarantine.

Gov. Garcia, in a meeting with the Economic Enterprise Council (EEC), expressed her elation with the latest development. (Vanessa L. Almeda)