Speaker’s acquired properties in Siargao estimated at P500M

BY BEN O. TESIORNA

SIARGAO, Surigao del Norte – Residents of Siargao Island have long been talking about how House Speaker Pantaleon Alvarez has gone into a buying spree of properties in the island after becoming the fourth most powerful man in the country.

A property broker in Siargao, who requested anonymity, said many of real estate hunters have expressed their desire to purchase lands adjacent to the Alvarez properties knowing these areas would be developed and their current land values expected to skyrocket as a result.

A piece of land in Siargao normally cost P500 to P800 per square meter a decade ago but since the island’s international exposure as a surfing destination, property prices have soared from P15,000 to P25,000 per square meter (sqm), depending on its proximity to the world-famous Cloud 9, a surfing spot in the town of General Luna.
The broker said some of Alvarez’s Siargao properties were bought back in 2013 before he returned to politics in 2016.

A check with the Municipal Assessor’s Office (MAO) records showed there are seven properties in the name of the Speaker and two more under the name of a certain Anaclito Alvarez and another two under Carlito Alvarez.

Alvarez bought three properties back in 2013, namely: a 4,102 sqm property in Poblacion Cinco; and two properties in Barangay Malinao with an area of 9,433 sqm and a 4,256 sqm respectively.

In 2017, half a year after taking over as Speaker, Alvarez bought four properties in General Luna town alone, specifically a 4,102 sqm in Poblacion Cinco; a 4,856 sqm in Barangay Malinao; a 7,295 sqm in Barangay Malinao; and a 1,796 sqm in Barangay Malinao.

In particular, a piece of land along Tourism Road that leads to Cloud 9 was said to have been bought by Alvarez in 2017 for P120 million from a certain Atty. Diodero Ravelo, reportedly a former regional manager of a government agency in Cebu.

The sale of the property, which is about 4,102 sqm and located in Poblacion Cinco, was said to have been consummated in Cebu City.

Another property of Alvarez is located adjacent to the Bayud property of the Barbers family, near the high-end Dedon Resort, in Barangay Malinao.

According to municipal records, Alvarez owns three properties in the said barangay.

Alvarez also recently purchased a property in Barangay Catangnan, still in General Luna town, which is adjacent to the Catangnan-Cabitoonan Bridge now being constructed.

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With the ongoing bridge construction, properties around the area are expected to increase in value soon.
A 2,000 sqm property in the same location that is up for sale in the internet is priced at P22 million, or P11,000 per square meter.

In Pacifico area, Burgos town, a residential area with several huge houses inside it said to be owned also by the Speaker and is located along the Del Carmen-Sta. Monica-San Isidro Road.

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The property stretches from the road towards the beachfront and has two layers of gates at the entrance.
From the highway, several huge structures inside the same property can be seen, including about five structures like cottages and gazebos, and a towering water tank.

A local real estate broker roughly estimated Alvarez’s properties in Siargao to reach half a billion pesos.
In his 2016 Statement of Assets, Liabilities and Net Worth (SALN), Alvarez declared his total assets at P91.8 million with P5.3 million in liabilities or a total net worth of P86.4 million.

He was the 50th richest member of the House of Representatives. (BOT)

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4 comments

  1. WAYAY GADJUD ASO NA MAKOMKOM. MILYONARYO MAN BADJA SI PANTYLEON. MAMALIT NAN LUPA SA SIARGAO NAN BARATO RA TAPOS IBALIGJA MAHAL NA KARADJAW. JAOY PAY IJA MGA TAWO NA MGA ABUSADO. PAMBUNAYAN AN MGA IDO KAY ILA HIMOON NAN PULUTAN.

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  2. IF All of these are TRUE, an INVESTIGATION Must DEFINITELY BE DONE…NO STONE SHOULD be LEFT Unturned…and IF Found to Be CONCRETELY TRUE…Then… THey MUST DEFINITELY Have to FACE an INVESTIGATION and IF and WHEN They are FOUND GUILTY, They Must Be JAILED and LOCKED UP, Like a COMMON CRIMINAL, and THROW the KEYS into the DEEPEST PART of Manila Bay…as An EXAMPLE for Other GOVERNMENT Officials, to SEE and REALIZE WHAT they Will GET IF and WHEN they are CAUGHT in ROBBING the PEOPLES MONEY..There SHOULD be NO PITY for CORRUPTION, the PILIPINO PEOPLE Have ALREADY SUFFERED ENOUGH…Again, “ DEATH PENALTY isNOT EVEN ENOUGH COMPENSATION for the MISERIES that THESE CORRUPT Officials HAVE GIVEN to the COUNTRY, that THEY HAD SWORN and PLEDGED to SERVE..They DO NOT DESERVE an Ounce Of PITY From the COUNTRY that They HAD ROBBED and the PEOPLE that They HAD STEPPED UPON on Their MISSION to ENRICH THEMSELVES and Their FAMILIES..YES, IF Our PRESIDENT is TRULY SINCERE, and I Firmly BELIEVE that He is, THEN We Can EXPECT HEADS to ROLL or JAILS to START Filling UP…LET the PARTY Begin!!!”””

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    1. That is a good opinion. I believe Alvarez bought these properties in good faith. He bought some of the properties when he is still not the Speaker of the House. Doesn’t he have the right to purchase other properties? If he declared all of these properties, he has nothing to worry. Some media practitioners are just malicious in writing their articles.

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