Net worth of suspect in Jee Ick Joo case rose from 2011 to 2013

Two members of the Philippine National Police have come under close scrutiny as they become primary suspects to the kidnap-slay of a South Korean businessman

The financial status of Police Officer Ricky Sta. Isabel hit the headlines last week when his multi-million-peso net worth, relative to his salary, was discussed in a Senate hearing.

Sta. Isabel was positively identified in the same hearing as one of the men who took Jee Ick Joo.

Police Superintendent Rafael Dumlao III, Sta Isabel’s superior and a team leader of the PNP’s anti-drug unit, is now also under investigation as a main suspect for the same case.

Sta Isabel has pointed to Dumlao as the mastermind.

Dumlao is currently under police custody.

Dumlao’s SALN

GMA News Research reviewed the available Statement of the Assets, Liabilities and Net worth of Dumlao.

Based on his disclosures, his net worth increased steadily from P5.8 million in 2011, to P7.9 million in 2012 to P9 million in 2013.

Dumlao’s declared net worth increased by 55 percent in two years, from 2011 to 2013.

His SALN did not disclose any business interest or financial connection.

In 2011, a police superintendent received a monthly base pay of P35,000. 

Dumlao’s 2011 and 2012 SALN indicated that he was a part of the Philippine National Police (PNP) Civil Security Group (CSG).

The CSG is the main regulatory office of the PNP “that exercises administrative and operational control over the firearms, explosives and private security industries,” according to its website.

Dumlao’s 2013 SALN did not indicate his PNP unit but stated that he was a “PNP officer.”

Assets: real estate, cash, jewelry, books

Dumlao’s net worth grew owing to the increase in the amount of his assets and the decrease in his liabilities.

From 2011 to 2013, the bulk of Dumlao’s assets came from real property.

From 2011 to 2013, Dumlao declared two pieces of property—a house and lot in Baguio City and a condominium unit in Pasig City.

His Baguio property was bought with cash in 1998 while the Pasig condominium unit has been mortgaged since 2010.

From P4.5 million in 2011, the total amount of Dumlao’s real properties increased to P5.8 million in 2012.

In 2011, Dumlao used “current fair market value” to declare the value of his real property instead of “acquisition cost,” or the amount paid to purchase a property.

He later used acquisition cost in the computation of his two subsequent SALN. 

Despite this, the acquisition cost that Dumlao declared for the Baguio property still increased from P2.5 million to P4 million in 2012.

His declared personal assets and other property include a vehicle, appliances, jewelry, books and cash.

Cash

From his 2011 disclosures, the amount of Dumlao’s cash, jewelry and books increased significantly.

His 2011 SALN stated a cash value of P500,000, stating that it was acquired in a span of 15 years, from 1996 to 2011.

The next year, the value of Dumlao’s cash went up to P600,000.

In his 2013 SALN, Dumlao declared cash amounting to P850,000—a 70-percent increase from the amount in his 2011 SALN.

Based on his own disclosure, Dumlao had acquired P500,000 in 15 years and P350,000 in a matter of two years.

Jewelry and books

In 2011,Dumlao declared a combined amount of P200,000 for his jewelry and books.

In 2013, the amount went up to P1.1 million – a 450-percent increase.

Dumlao declared jewelry worth P650,000 and books worth P450,000.

Liabilities

As declared in his SALN, Dumlao’s liabilities steadily decreased from 2011 to 2013.

Dumlao declared a bank loan of P580,000 in 2011. The following year, his liability—a housing loan-- went down to P200,000.

In 2013, the housing loan further went down to P100,000.

In his SALN for 2012 and 2013, Dumlao had declared owning a vehicle worth P700,000.

His 2013 declaration stated that he acquired the car through the “proceeds of a car sale” and “from loan.”

The same SALN, however, did not declare the loan secured for the car. —NB, GMA News