Author: mcmangahas

Wealth Check: MIRIAM DEFENSOR

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By The Philippine Center for Investigative Journalism

PCIJ. MIRIAM DEFENSOR SANTIAGO SALN Timeline, may 2016

MIRIAM DEFENSOR-SANTIAGO’s first SALN on record with PCIJ was filed for the year 1994. In it she declared a net worth of P48 million.

Nearly two decades later, in 2014, she enrolled a net worth of P73.03 million, or nearly twice more than when she started. It consisted of a pithy P2.9 million in real properties, a staggering P123.03 million in personal and other properties, and P50 million in liabilities.

Santiago’s SALN narrative exemplifies the shift from real assets to personal properties, a discernible trend in the SALN filings of many senior elective officials through the years.

Until 2008, Santiago had enrolled among her assets a posh house and lot in La Vista, Quezon City, which she said she acquired on a loan in 1992 for P27 million. But from 2009 to 2014, her SALN no longer lists this property among her real assets. Instead, in these years, Defensor-Santiago enrolled the house to be her “official address.”

The remaining real assets she enrolled are eight pieces of lots and houses in Iloilo and Tarlac that she reportedly inherited. In contrast to her receding real assets, the senator’s “cash in bank” entry – P10 million in 2004 to P40 million in P2014 – bloated her personal and other properties.

In her first available SALN filed for the year 1994, Santiago started with a significant P48.99 million in real properties, and only P8.21 million in personal properties. The value of her real assets reached a peak in 1999, at P100.39 million.

By her 2008 SALN, Santiago said she still owned a significant amount of real assets — P49,630.100 — and only P48,125,876 of personal and other properties. Her total assets that year came up to P97,755,986.

A big change came in 2009 when her SALN showed a marked shift in the weights she assigned to her total assets of P101,305,986. She enrolled a measly P4,180,100 for her real assets, and a huge P101,125,876 for personal properties.

In her 2014 SALN, Santiago declared business and financial interests in six entities:

• Narsan Holdings, Inc., since March 2002;
• DEFSAN Corporation, since March 2009;
• NARC MIR Corporation, since March 2009;
• NS & MD Corporation, since March 2009;
• NMAM Corporation, since March 2009; and
• Defensor Santiago Law Firm, since October 1990.

Interestingly, the offices of all six business concerns are located at NARSAN Building on No. 3 West Fourth Street, West Triangle, Quezon City, a property apparently owned by her family.

Six years earlier in 2008, she had declared business interest only in Narsan Holdings.

In 2009, she expanded her involvement in four more business entities: DEFSAN Corp., NARC MIR Corp., NS & MD Corp., and NMAM Corp.

PCIJ. Defensor SALN may 2016

Santiago lost in her first electoral bid for the presidency in 1992, claiming that rival Fidel V. Ramos cheated her of victory. In 1994, she declared a net worth P48 million only — P57.20 million in total assets minus P9.2 million in total liabilities.

Her wealth status would fall, and then rise again, years later.

In 1998, her net worth was P40.9 million — P70.64 million in assets (including P58.99 in real properties) minus P25 million in liabilities.

In 1999, her net worth climbed to P61.6 million — P113.89 million in assets (including P100.39 million in real properties) minus P52.29 million in liabilities.

In 2000, however, Santiago’s net worth was reduced to a third of its 1999 value — P32.89 million. It consisted of P115.89 million in assets (including P97.39 million in real properties) and a huge P83.00 million in liabilities. Santiago did not declare interest in any business entity in the year 2000. — PCIJ, May 2016
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For details, check out PCIJ’s Money Politics Online

Wealth Check: RODRIGO DUTERTE

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By The Philippine Center for Investigative Journalism

PCIJ. RODRIGO DUTERTE SALN Timeline, may 2016

IN HIS latest SALN for the year 2015, presidential frontrunner and Davao City Mayor Rodrigo R. Duterte declared a net worth for 2015 of only P23,514,569.93, or a slight P1.54-million increase in his declared net worth in 2014.

Duterte’s cash on hand/in bank, according to his latest SALN, was just P14,839,69.93, as of Dec. 31, 2015.

The earliest SALN Duterte had filed that is on PCIJ’s archives is for the year 1997, in which he declared a net worth of only P897,792.

In an earlier report this week on Duterte’s SALNs, PCIJ had noted, among other things, that Duterte’s net worth and “cash on hand/in bank” have charted an upward trek in the last two decades, save for one year.

But recent press interviews with Duterte have revealed a few more details previously unknown about his wealth, or which do not seem to be included in his SALN filings.

For one, Duterte told reporters last week that he has a dollar savings account with “about $5,000,” money that he said he had saved from an overseas trip he took many years ago. No dollar values in his “cash on hand/in bank” had ever been enrolled in Duterte’s SALNs.

For another, Duterte this week appeared in the late night TV program of his long-time friend and now ardent campaign supporter, Pastor Apollo Quiboloy. During the program, Duterte said Quiboloy, founder of The Kingdom of God, had given him three properties and two cars while he was mayor of Davao City.

“When I was mayor, Pastor bought three properties,” said Duterte. “He said, ‘I will buy properties for your children because if anything happens to you because of your work, if you die….'”

He said Quiboloy had also given him a Nissan Safari and a Ford Expedition.

The properties that Quiboloy had bought for him included, according to Duterte, a house and lot at Woodridge Park in Ma-a, Davao City, and another house and lot at Royal Pines Subdivision in Matina, Davao City.

Duterte did not specify the year – or years – when he became a beneficiary of Quiboloy’s generosity.

No Nissan Safari or Ford Expedition appears in Duterte’s latest SALN, although he listed a Nissan Patrol in his 2011 SALN. In his 2015 SALN, Duterte declared owning only two vehicles: a Toyota RAV 4 and a “Volks Sedan.” Duterte, however, had also listed “cars/motorcycles” in various SALN filings through the years, with total values that ranged from P1.2 million to P2.75 million.

Meanwhile, in his 2015 SALN, Duterte listed as his personal properties three lots in Bagong Aplaya, Davao City that he said he purchased between 1995 and 1997. But a second list of “other assets and personal properties, including those of the spouse and children below 18 years old,” Duterte enrolled a lot in Ma-a and a house and lot in Matina among other assets. He said he purchased the two properties in 1997-98.

Yet still on another page of his 2015 SALN, Duterte listed a third set of real properties that he noted were “purchased through the exclusive funds of (the mother of his 11-year-old daughter), Cielito S. Avancena.”

This third set of properties includes three lots — two agricultural and one residential — located in Matina, Malagos, and Catigan, all in Davao City; and two house and lots in Matina; Davao City.

Duterte valued this final set of real properties at P3.08 million, by acquisition cost.

A Ma-a residential lot first appeared in Duterte’s SALN in 1998, then in 1999, 2000, 2002, 2004, and 2005.

In 2006, his SALN had this note: “All other lots previously declared were already transferred to the three children and to Elizabeth Zimmerman on May 24, 2006.”

(Zimmerman is Duterte’s first wife. In 1998, she filed a petition to nullify their marriage, and two years later, a Pasig trial court granted her plea. They have children, now all grown up: Paolo, Sara, and Sebastian.)

Duterte’s 2006 SALN, though, listed a new residential lot asset in Ma-a that he said was purchased in 1997. He did not put an acquisition cost for it, but imputed current fair market value of P42,570.

In his 2007 SALN, two residential lots in Ma-a are listed. Again, Duterte did not put any acquisition cost, but put a fair market value of P42,570 and P27,000 respectively. He also said one was purchased in1997 and the other in 1999.

In 2008, Duterte declared real assets of P4.45 million, with an annex listing 15 pieces of real assets — all purchased — from 1996 to 2002, to represent “real properties and vehicles of declarant/spouse/declarant’s children below 18 years of age living in the household of declarant, regardless of amount.”

Among the 15 real assets on this list are two residential lots in Ma-a, and two in Matina.

On the SALN column for “kind of real property,” for the Matina lots, he put the name of his child by his second wife, with the notation “Residential Land.” At the time, the child was four years old.

The 2008 SALN indicates that one of the Matina assets was purchased in 2005 and had an acquisition cost of P350,000. The other was bought in 2007, but no acquisition cost appears in the document.

Two Ma-a and two Matina properties are also listed in Duterte’s SALN for the following year. The Matina lots are still in the child’s name, but this time around, one already had a different “mode of acquisition” entry: not “purchased,” but “exchanged.”

Properties in Ma-a and Matina with the same descriptions and notations would also appear in his 2011 and 2014 SALNs.

Aside from Quiboloy’s “gifts” of vehicles and pieces of property, however, Duterte has at least one more piece of real estate that should have appeared in his SALNs yet seems to be missing.

In recent weeks, Duterte has been fighting off accusations that he has bank accounts through which hundreds of millions of pesos have passed, as well as being the alleged owner of some 40 pieces of real estate. One of those properties – a townhouse in San Juan, Metro Manila — was apparently used as the address to open one of Duterte’s bank accounts in question.

Last week, Duterte’s youngest son Sebastian or Baste, confirmed to the Philippine Daily Inquirer that he had lived in the townhouse “when I was 13 years old, when I started schooling at San Beda. I did not know at the time that the property was in my name.”

Duterte was then a member of the House of Representatives but has not, then as now, declared the San Juan townhouse in his SALNs through the years.

Sebastian Duterte is now 28 years old and a father himself. Among Duterte’s grown-up children, he is the only political holdout, apparently choosing to surf and engage in business than having a seat in city hall.

In contrast, Duterte’s eldest son Paolo or Pulong and eldest daughter Sara or Inday Sara have already spent considerable time in politics.

Sara first served vice mayor to her father the mayor from 2007 to 2010. She later became mayor from 2010 to 2013 of Davao City, an apparent stand-in for Duterte, who had reached his three-term limit by then. Duterte himself became his daughter’s vice mayor.

In 2013, Duterte ran again and won again as mayor, with son Paolo as vice mayor.

Duterte (1)

 

Both Paolo and Sara Duterte first assumed political posts in 2007 – Paolo as barangay captain and Sara as vice mayor. Based on their SALNs, both siblings were already involved in a few businesses by the time they entered politics. Aside from these, though, Sara and Paolo appear to have worked mostly in politics (although Sara, a lawyer, had a brief stint working at the Supreme Court).

Paolo’s official profile lists his work history thus: barangay captain of Catalunan Grande, Davao City from 2007 to 2013, and vice mayor from 2013. He has five children aged four to 22 years old by wife January Tabar Navares.

In his SALN for 2013, Paolo declared his net worth at P17,137,800 — assets of P21,837,800 minus liabilities of exactly P4.7 million.

A year later, in his SALN for 2014, his net worth rose by exactly P150,000 only to P17,287,800 — assets of P24,847,800 minus liabilities of exactly P7 million.

Even while he was serving as vice mayor, Paolo maintained business interests in and financial connections with five entities based in Davao City, one in Manila, and one other in Laguna.

These are:

• Grand MD Business Dev. Corporation, Davao City, as of 2007;
• Jolly General Foods Corp., Davao City, 2007;
• Server Cuisine Corp., Sta. Rosa, Laguna, 2006;
• Boarding House, Davao City, 2009;
• Chinese Gen Bee Foods Corp., Manila, 2013;
• Long Water, Catalunan Grande, Davao City, 2014; and
• Long Tuna, Catalunan Grande, Davao City, 2014.

Sara, for her part, declared in 2007 SALN a net worth of only P7.25 million — assets of P9.25 million minus liabilities of exactly P2 million.

The next year, 2008, her wealth more than doubled with her net worth rising to P18.49 million — assets of P20.27 million minus liabilities of 1,775,000.

In her 2009 SALN, Sara reflected a decline by P212,000 of her net worth: P18.28 million — assets of P20.17 million minus liabilities of P1.89 million.

As mayor in 2011, Sara’s SALN showed a dip in her net worth by nearly P4 million, on account largely of bigger liabilities. She put her net worth that year at P14.27 million — assets of P21.82 million minus liabilities of P7.55 million.

In 2007, Vice Mayor Sara had business interests and financial connections only in three entities:

• Davao Emerging Taipan Corporation, Davao City, as of 2004;
• Davao Bounty Times Food Corporation, Davao City, 2007; and
• City Hall King Chow Foods Corporation, Davao City, 2007.

By 2011, Mayor Sara had acquired, apart from the three listed above, business interest in four more entities:

• SGT Fortune Horse Corporation, Davao City, 2010;
• CYKT Inc., Davao City, 2010;
• Zelta Matiem Salon, Davao City, 2011; and
• 3 Kids Inc., Davao City, 2011.

Sara married fellow lawyer Manases Carpio, son of Court of Appeals Justice Agnes Reyes Carpio, in 2007. The couple has two children.

All told, by 2014, the combined net worth of the three Dutertes in public office would have reached P53,529,881 — Rodrigo’s P21.97 million, Paolo’s P17.28 million (2014 SALN), and Sara’s P14.27 million (2011 SALN). — PCIJ, MAY 2016
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For details, check out PCIJ’s Money Politics Online

Wealth Check: GRACE POE

mcmangahas

By The Philippine Center for Investigative Journalism

PCIJ. GRACE POE. SALN Timeline, may 2016

ACCORDING to the few SALNs she had filed in her short stint in public office – as chairperson of the Movie and Television Review and Classification Board (MTRCB) in 2010-2012, and as senator since 2013 – Grace Poe’s wealth story is one of unexplained progressively declining riches.

She started off with a net worth of P152.53 million in 2010. This slipped to P132.25 million in 2011, recovered to P148.9 million in December 2013, then skidded again to P89.46 million in 2014.

What is puzzling about Poe’s wealth is this: She has reduced the values of her real and other assets by a third to half in the last four years, even as she also managed to reduce her debts by a fourth during the same period.

In short, Poe has been declaring much less assets but also much less loans, and a net worth cut to half in four years alone. Why all the numbers in her SALN covering both her assets and her liabilities are going down, is an intractable equation.

During her first year in public office, Poe declared a mix of inherited (from her late father Fernando Poe Jr.’s estate) and acquired real properties worth P134.4 million, personal and other properties of P63.45 million, and liabilities of P45.31 million.

Four years later in 2014, all her numbers hit the doldrums for reasons not quite clear in her SALNs.

Last year, Poe put her real properties – all residential units – to be worth P95 million only (down P39.4 million or 29 percent less in value). She did not declare owning any commercial, agricultural, or mixed-use real estate.

In 2014, too, Poe’s personal and other properties also declined to P31.9 million (down P31.55 million or 49.7 percent less in value). Nonetheless, the amount included, she said, P22 million in investments in such entities as:

• JSP Realty and Development Corp.;
• 226 Wilson Development, Corp.;
• Chambrant L. Holdings Corp.;
• The Health Cube Rehabilitation and Wellness Center;
• AB Design Studio and Trading Corp.;
• Filinvest Land Inc.;
• Sunlife Property Balanced Fund;
• San Miguel Corporation A;
• 226 Wilson Development, Corp.; and
• FPJ Productions, Inc.

To make matters more confusing, in 2014, Poe’s indebtedness also declined from P45.31 million in 2010 to just P37.4 million, down nearly P8 million or 20 percent in a year’s time.

In her SALN for 2015, Poe declared a net worth of P89,118,760.02, assets of P125 million, and liabilities of P36 million.

As of Dec. 31, 2015, she said she owned a total of 30 real properties, including 14 pieces of mostly residential real properties she purchased from 1992 to 2010 with aggregate acquisition cost of P95,002,568.81.

The 14 included two house and lots in California, U.S.A. — the first valued at P27,995,500 that Poe said she purchased in 1992, and the second valued at P15,074,500 that Poe said she purchased in 2008.

Poe gave only the “acquisition cost” of the two properties and left blank the columns for their “assessed value” and “current fair market value.”

In addition, Poe listed 16 other pieces of real assets — three commercial in nature, two agricultural, and 11 residential — for which she assigned zero acquisition cost.

She said all these 16 additional real properties were “inheritance” passed on to her in 2004, the year her father Fernando Poe Jr. died.

Aside from real assets, Poe declared “personal and other properties” to be worth P30,656,423.16 in all, as of last yearend.

The amount included: a checking account she opened in 2011 with P862,099.92 balance; her husband’s checking account opened in 2006 with P474,183.57 balance; shares of stocks in nine various business entities acquired from 2006 to 2012; six vehicles; a “money market account” worth P96,415.17; and a foreign currency savings account opened in 2011 with P202,270.19.

Among her investments, Poe said she acquired in 2012 “shares of stocks (in) San Miguel Corporation A, by subscription — 8,500 shares.” Her SALN, however, had this notation for her stocks in San Miguel Corp.: “Divestment of stock began 19 APR 2016.”

Again by “inheritance,” Poe said she had shares of stocks in two more entities: P7,375,000 in 226 Wilson Development Corp. (7,375 shares valued at P1,000 per share), and in P2,235,772, at face value, in FPJ Productions, Inc.
PCIJ. Poe SALN may 2016

Poe’s latest SALN did not enroll values for furniture and appliances, books, paintings, jewelry and other entries that typically appear in the SALNs of many other public officials.

Minus the real properties and shares of stocks that she declared to be “inheritance” for which she assigned zero acquisition cost, the senator’s total assets (real assets plus personal properties) amounted to P125,658,991.97.

Her net worth for 2015 came up to just P89.1 million because she had total liabilities of P36,540,231.95.

These liabilities included, she said, subscription balance payable to JSP Realty & Development Corp, 226 Wilson Development Corp., and Chambrandt L. Holdings Corp.; a lot installment payable; two automobile loan payable; and a personal loan from Jesusa S. Poe of P17,760,000.

Popularly known by her screen name Susan Roces, Jesusa S. Poe is the senator’s mother and the widow of Fernando Poe Jr.

Poe’s SALN for 2015 made two disclosures in an extra page: “P451,661.64, running balance of Cash in Bank as of 31 December 2015” of her minor children; and “P4,780,237.70, running balance of Cash in Bank as of 31 December 2015” of Jesusa S. Poe’s aggregate savings/checking account in which the senator said she is a “secondary/co-signee.”

Poe said she has been an officer/shareholder from 2006 to 2009 in FPJ Productions, JPS Realty and Development Corp., and 226 Wilson Development Corp.; and a shareholder in AB Design Studios and Trading Corp. and The Health Cube Rehabilitation and Training Center.

Poe said her husband Teodoro ‘Neil’ V. Llamanzares is also an officer/shareholder in Chambrant L. Holdings Corp. — PCIJ, May 2016
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For details, check out PCIJ’s Money Politics Online

Wealth Check: MAR ROXAS

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By The Philippine Center for Investigative Journalism

PCIJ. MAR ROXAS SALN Timeline, may 2016

MANUEL ‘MAR’ ROXAS II, scion of the old-rich Araneta and Roxas clans, is the wealthiest of the five candidates for president, according to the 14 annual SALN filings he had submitted.

A latecomer in politics, Roxas used to work as a fund manager in New York and travelled between Manila and the United States from 1986 to 1992. He finally decided to settle in the country after his younger brother Gerardo ‘Dinggoy’Roxas Jr., then Capiz’s 1st District Representative in Congress, died of colon cancer in 1993 at age 33.

Dinggoy’s death got Mar started in politics. Mar ran and won in the special election conducted to choose Dinggoy’s replacement, was voted congressman again from 1995 to 1998, and senator from 2004 to 2009.

Between periods, he served as Cabinet secretary to three Presidents: as Trade and Industry Secretary to Joseph Estrada and Gloria Macapagal Arroyo (1998-2002), and as Transportation and Communications and later Interior and Local Government Secretary to Benigno S. Aquino III (2011-October 2015).

Roxas’s SALN for 1995 showed his effective net worth to be P23.4 million (none indicated in real properties, P25.9 million in personal and other properties, and P2.4 million in liabilities). He did not add the amounts in his 1995 filing.

In 1996, however, Roxas enrolled P24.67 million in liabilities, the same value for his real properties, and slightly more or P35.91 million in personal and other properties. The net worth that results is a much lower P35.02 million a year later.

His net worth reached its peak in 2011, a year after he lost the vice presidential race to Jejomar Binay in 2010. This was when Roxas declared a net worth of P183.1 million consisting of P86.44 million in real properties, P174.14 million in personal and other properties, and also P77.48 million in liabilities.

In 2009, Roxas married ABS-CBN TV and radio anchor Korina Sanchez. He has a grown-up son, Paolo Gerardo Z. Roxas, by a former girlfriend, 1971 Miss Young International Philippines Maricar Zaldarriaga.

Roxas’s latest SALN for 2014 reflected a lower value of P81.24 million for real properties, but bigger values for personal and other properties (P202.71 million), and a bigger loans portfolio of P81.22 million.

He closed the year with a P202.08 million net worth, his biggest in 14 years since he entered public office in 1993.

Of the six candidates for president, Roxas is the most connected to a web of business and financial interests inherited and acquired from as far back as the ’80s. The Araneta and Roxas families have vast land and properties, as well as investments in agriculture, real estate, property leasing and development, and mining.

In 2014 SALN, Roxas declared that he has stocks or membership shares in, or has been a shareholder or incorporator of 32 various business entities. These are:

• AB Agricultural and Business Corporation;
• Baguio Country Club Corporation;
• Calima International;
• Road, Baguio City;
• Civil Air Rural Transport System, Inc.;
• Club Filipino, Inc.;
• Financing Corporation of the Philippines;
• Harmony Assets Holdings;
• Jollibee Foods Corporation;
• Kauswagan Development Corporation;
• Lepanto Consolidated Mining Company-Class A;
• Lepanto Consolidated Mining Company-Class B;
• Ma-ao Sugar Central Co., Inc.;
• Manila Doctors, Inc.;
• Manila Golf and Country Club, Inc.;
• Manila Mining Corporation-Class A;
• Manila Mining Corporation-Class B;
• Marinduque Mining and Industrial Corporation;
• Mindanao Mother Lake Mines, Inc.;
• Myapo Prawn Farm;
• Northstar Capital, Inc;.
• Pards and Mills Corporation ;
• Philex Mining Corporation-Class A;
• Philex Mining Corporation-Class B;
• Private Development Corporation of the Philippines;
• Samar Mining Company, Inc.;
• Seafront Petroleum and Mineral Resources-Class A;
• Seafront Petroleum and Mineral Resources-Class B;
• Santa Elena Golf Club;
• Talisay-Silay Milling Co., Inc.;
• Wack-Wack Golf and Country Club; and
• Western Minolco Corporation.

In his first available SALN for the year 1993, Roxas had declared business interest in only five entities, all family-owned. These are:

• Northstar Capital, Inc., located at No. 151 Paseo de Roxas, Pasay Road, Makati, Metro Manila, since June 1990;
• Myapo Prawn Farm Corporation, Baybay, Roxas City, since July 1988;
• Kauswagan Development Corporation, 17th Floor Aurora Tower, Araneta Center, Cubao, Quezon City, since August 1980;
• Progressive Development Corporation,17th Floor Aurora Tower, Araneta Center, Cubao, Quezon City, since May 1986; and
• Atok Big Wedge Mining Co., Inc., 17th Floor Aurora Tower, Araneta Center, Cubao, Quezon City, since January 1991.

PCIJ. Roxas SALN may 2016

Roxas’s SALN story shares a similar trajectory to that taken by Binay’s. His net worth values showed significant upticks before or after an election year — from P12.7 million in 1993 to P23.8 million in 1994; from P23.47 million in 1995 to P35.02 million in 1996; from P51.2 million in 1998 to P58.2 million in 1999; from P50.54 million in 2004 to P P75.78 million in 2005; and from P62.93 million in 2009 to P183.10 million in 2011.

But by far the biggest jump in his net worth occurred during his stint as Cabinet secretary of Aquino. His net worth of P109.73 million in his 2011 SALN nearly doubled to P203.36 million in 2012. The latter amount includes an increase of Roxas’s assets by P86 million, or from P191.43 million in 2011 to P277.35 million in 2012.

For 2009, the year before he ran and lost the race for the vice presidency to Binay, Roxas’s declared net worth was P62.93 million — assets of P124.63 million (including real properties of P25.96 million and personal properties of P98.66 million), minus liabilities of P61.70 million.

He took a year-long leave of absence from public office but when he returned in 2011 to serve as President Aquino’s Transportation and Communication secretary, Roxas’s wealth also made a virtual comeback. For the year 2011, Roxas declared a net worth of P183.10 million — assets of P260.58 million (including P86.44 million in real properties and P174.14 million in personal properties) and liabilities of P77.47 million.

The next year, 2012, proved to be even brighter for Roxas, wealth-wise. This was when he reported his net worth at P203.35 million — P277.34 million in assets (including P81.24 million in real properties and P196.10 million in personal properties), and liabilities of P73.98 million.

But the year his wealth shone the brightest was in 2013, even as Roxas, by then the Interior and Local Government secretary, was swamped with work assisting typhoon, earthquake, and other victims of calamities, man-made and natural.

For the year 2013, Roxas reported his biggest net worth yet at P211.02 million — assets of P283.52 million (including real properties worth P81.24 million and personal properties of P202.27 million), and liabilities of P72.49 million. — PCIJ, May 2016
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For details, check out PCIJ’s Money Politics Online

Robredo, Escudero, Trillanes: What their 2015 SALN show

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By Vino Lucero

THREE OF THE SIX candidates for vice president have released copies of their respective Statement of Assets, Liabilities, and Net Worth (SALN) for 2015 within 24 hours upon receipt of PCIJ’s request.

The three – Senator Francis Escudero of Team Galing at Puso, independent candidate Senator Antonio Trillanes IV, and Representative Leni Robredo of the administration Liberal Party — separately declared slight upticks and downturns in their net worth from a year ago.

As of last yearend, Robredo said her net worth was P 8,711,803; Trillanes, P5,984,089.77; and Escudero, P5,847,082.09.

PCIJ has no copy as yet of the 2015 SALN of the three other candidates for vice president: Ferdinand Marcos Jr. of the Nacionalista Party, Gregorio Honasan II of the United Nationalist Alliance, and Allan Peter Cayetano, also of the Nacionalista Party.

As of their 2014 SALN on file with the PCIJ, Marcos is the richest of the six candidates for vice president with net worth of P200,598,008.22, Cayetano is a distant second with P23,314,540, and Honasan third with P21,225,615.91.

The 2015 SALN of MARIA LEONOR ROBREDO

MARIA LEONOR GERONA ROBREDO, widow of Interior and Local Government Secretary Jesse Robredo who died in a plane crash in 2012, reported a P400,000 uptick in her SALN for 2015 from only P8,302,123.70 in 2014.

She also declared an increase in total assets at P17,111,803, or P2 million more than what she had in 2014, P14,932,123.70. At the same time, though, she also increased her liabilities by P1.5 million, or from P6.9 million in 2014 to P8.4 million in 2015.

As in 2014, she reported having the same eight pieces of real assets, all located in Naga City, with combined acquisition cost of P1.735 million: three agricultural lots located in Del Rosario and Panicuason; an orchard in Pacol; a house in Dayangdang; two residential lots located in Dayangdang and Sta. Cruz; and a memorial lot at Eternal Gardens.

What grew in value, however, are Robredo’s personal properties: P15,376,803 in 2015, including a P2-million increase in her “cash” assets to P10,273,803, from P8,049,123.70 in 2014.

Download (PDF, 410KB)

She enrolled unchanged values for her other personal properties in her latest SALN:

• Furniture, appliances, and other equipment, P1,500,000;
• Jewelry, P100,000;
• Pre-paid insurance, P630,000;
• A Toyota Innova acquired in 2010 at a price of P1,123,000; and
• A Toyota Grandia acquired in 2014 at a price of P1,750,000.

Her liabilities registered an increase, too. These include loans she acquired from family members, notably:

• Loans payable to the “Estate of Marcelina Robredo” and “Estate of Jose Robredo,” unchanged at P1 million and P2 million, respectively;
• Loan from Jose Robredo, Jr., increased from P1.15 million to P1.65 million;
• Loan from Jocelyn Austria, increased from P2 million to 2.5 million; and
• Loan from her mother Salvacion Gerona, up from P750,000 to P1.25 million.

Robredo also declared shares of stock in Meralco, with business address in Pasig City, which she said were acquired at “different years.”

She named two relatives in government: Josephine and Rafael Bundoc, sister-in-law and brother-in-law, both doctors in UP PGH Manila.

Robredo only has one child of minor age, Jillian Therese, who is now 16 years old.

The 2015 SALN of FRANCIS JOSEPH ESCUDERO

FRANCIS JOSEPH ESCUDERO declared a net worth of P5,847,082.09 in his SALN for 2015, nearly P200,000 less than that in his 2014 SALN of P6,049,082.09.

He said he owns one-sixth of five real properties acquired by succession in 2013, including four residential properties located in Barangay Culiat in Quezon City, and Maharlika Highway in Barangay Buhatan, Sorsogon City.

An agricultural lot in Maharlika Highway, Sorsogon City, was enrolled in his SALN to have been inherited.

Escudero said he also also owns one-sixth of “Marketable Securities” with a fair market value of P105.414.79.

The senator valued his total personal properties at P5,847,082.09 in his latest SALN, a bit lower than his 2014 declaration of P6,049,082.09.

A vintage car aficionado, Escudero said his personal properties include

• A 1995 Range Rover Classic acquired in 2011 at P1 million;
• A 1969 BMW 2002 acquired in 2011 at P333,640.80:
• A 2008 Toyota Land Cruiser acquired in 2014 at P1.3 million;
• Jewelry and other personal properties valued at P1.405 million,;
• Shares in “Partnership Int.” worth P213,441.29; and
• “Cash” amounting to P1.6 million.

As in his 2014 SALN, in his 2015 SALN Escudero declared zero liabilities.

In two separate sheets, however, he listed the “exclusive properties of the declarant’s spouse and unmarried children below eighteen (18) years of age living in declarant’s household.”

In the first sheet, he enrolled the assets and liabilities of his wife, Love Marie O. Escudero, who is also known as the TV/movie star Heart Evangelista.

The properties in Love Marie’s name that Escudero declared include a condominium in Salcedo Village, Makati acquired in 2005 at P8.5 million and a unit in Fairways Tower in BGC, Taguig, acquired in 2009 at P3.91 million.

The actress also declared her cash at P44.31 million, investment in stocks at P15.37 million, motor vehicles acquired in various years at P3.98 million, and jewelry and other personal properties at P6.85 million.

Also among the declarations is a bank loan at Banco de Oro Unibank, Inc. amounting to P3.09 million. Love Marie disclosed her being a stockholder since 2014 of Bigheart Holdings, Inc.

In the second sheet of assets, Escudero listed the properties in the name of his twin children by his first wife: two residential units in Woodside Homes, New Manila, Quezon City, both of which were acquired in 2012 by virtue of a court order. Each of Escudero’s two children also has P959,193.17 cash declared in the senator’s SALN.

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Since 1994, Escudero said he has been a partner at Escudero Marasigan Vallente & E.H Villareal Law Offices, with business address at Manila Luxury Condominium in Ortigas Center, Pasig City.

Five relatives in government were named in Escudero’s SALN, four them occupying elective posts:

• His mother Evelina Escudero, incumbent representative of Sorsogon’s 1st District;
• Paternal uncle Antonio H. Escudero Jr., vice governor of Sorsogon;
• Paternal uncle Ramon Escudero as vice mayor of Casiguran, Sorsogon;
• Paternal cousin Krunimar Antonio Escudero II, Sorsogon provincial board member; and
• Paternal cousin Krunimar Antonio Escudero III, legal officer at the Civil Service Commission.

The 2015 SALN of ANTONIO TRILLANES IV

ANTONIO TRILLANES IV declared a net worth of P5,984,089.77, over a million pesos more than the P4,912,000 that he reported in his 2013 SALN.

The senator declared total real assets of P5.9 million, total personal properties of P6.61 million, and liabilities of P6.2 million, as of Dec. 31, 2015.

His real assets included a residential lot at the Metropolis Greens Subdivision in General Trias, Cavite acquired from 1998 to 2011 at P452,000; a residential lot in Town and Country Executive Village, Antipolo, Rizal acquired in 2009 at P2 million through loan; a residential unit with one parking slot in Woodsville, Parañaque acquired in 2010 at P3.45 million through loan; and an inherited residential lot in Barangay San Isidro, General Santos City acquired in 2012.

Trillanes disclosed his cash on hand and in bank to be worth P2.7 million; jewelry, furniture, and antiques, P550,000; and investments at P600,000. He said he owns a Mitsubishi Montero that he acquired in 2013 at P1.17 million, and a Toyota Fortuner. acquired in 2014 at P1.25 million.

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In his SALN for 2013, Trillanes valued his personal properties at a higher P6.61 million in total.

His liabilities went down from P7.6 million to P6.2 million, as of December 2015. These included, he said, housing loans from Pag-ibig Fund amounting to P1,203,200.00 and Bank of the Philippine Islands at P1,322,872.00; car loans at PS Bank, P515,686.73, and Banco de Oro, P143,151,50; and a personal loan he valued at P3 million.

Trillanes declared two relatives in government: his brother Antonio F. Trillanes III, his personal staff at the Senate; and his sister-in-law Pia Jane Trillanes, his personal staff in Commission on Appointments.

The senator also provided a breakdown of the sources of income of his immediate family for 2015:

• His income as senator, P1.08 million;
• Spouse’s income as professor at National University, P950,000;
• “Donation from Family”, P600,000; and
• Interest income from AFPSLAI, PNSLAI, and PAFCPIC of P420,000.

Altogether, these amounts yield a total annual income of P3.05 million for his family, Trillanes stated in his latest SALN. — PCIJ, May 2016

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