Aquino richer by P4M; Binay P.6M poorer

MANILA, Philippines—President Benigno Aquino III is worth nearly P55 million and is P4.8 million richer since becoming Chief Executive last year, according to his statement of assets, liabilities and net worth (SALN) for 2010.

Still, Vice President Jejomar Binay is a few million pesos richer than Mr. Aquino. Binay is worth P58.1 million, based on his 2010 SALN.

Mr. Aquino, who bought himself a used Porsche for Christmas, has motor vehicles worth P8.7 million, according to his latest SALN submitted to the Office of the Ombudsman on April 25.

His motor vehicles are among his personal and other properties which amount to P33.16 million. His other assets are cash on hand and in banks worth P6.22 million; receivables of P17.03 million; and other assets valued at P1.20 million.

The President’s real properties were valued at P22.07 million. These consisted of a residential lot in Tarlac City, agricultural land in Tarlac City, agricultural land in Capas, Tarlac, a house and lot in Quezon City and a commercial lot in San Juan City.

The residential lot and the agricultural land in Tarlac City were purchases and were acquired in 1997 and 1987. The rest of his real properties were part of his inheritance.

The President has only one liability—his tax payables to the Bureau of Internal Revenue placed at P228,961.

These put his net worth at P54.99 million, up P4.80 million from P50.19 million when he assumed office on June 30 last year.

Income from Antipolo lot

His spokesperson Edwin Lacierda said Monday that Mr. Aquino’s net worth rose largely because of income he earned from the sale of a Cojuangco-owned residential lot in Antipolo City.

The lot, which had an acquisition cost of P12.20 million, was listed among the real estate the President declared in his SALN last year.

Lacierda said the President received a share of P17,031, 484 from the sale of the lot. Proceeds of the sale were shared by 24 people, including Mr. Aquino.

“The President did not participate in the negotiation of the sale of the lot. He just received his share,” Lacierda also told the Inquirer.

Because of the sale, the property was no longer listed in the SALN he filed on Dec. 31 last year, Lacierda said.

The President also divested himself of shares in companies, earning him about P3 million, he said. This could be gleaned from the increase in his cash on hand and in bank accounts. From P3,635,959 he declared on June 30, it rose to P6,223,704 on Dec. 31.

Bigger salary

Lacierda also noted the increase in Mr. Aquino’s pay from salary grade 31 when he was senator to salary grade 32 when he became President.

But Lacierda said the President also made mortgage payments amounting to P2.40 million on June 30. As of Dec. 31 last year, he owed taxes of P228,961 which he paid in April.

The value of Mr. Aquino’s motor vehicles went down, from P9 million on June 30 to P8.70 million by Dec. 31, most likely because of depreciation.

“So it’s all there in the SALN. But the President’s net worth increased mostly from the sale of the property from the Cojuangco side,” Lacierda said.

Based on his SALN submitted on Aug. 4, 2010, his real properties were worth P33.76 million, while his personal and other properties were worth P18.87 million.

His motor vehicles in his Aug. 4 SALN were valued at P9.01 million. He also had investment in stocks worth P4.77 million and cash on hand and in banks worth P3.63 million. His liabilities consisted of mortgage payable amounting to P2.43 million.

Binay’s assets

As for Binay, his 2010 SALN, submitted on April 29, showed that he was worth P58.09 million, lower than his net worth of P58.76 million upon assuming the vice presidency.

In his latest SALN, Binay’s personal and other properties were worth P42.71 million.

These consist of cash on hand and in banks worth P17.51 million; receivables, P11 million; furniture, antiques, clothing, etc., P7.07 million; jewelry, P1.10 million; vehicle, P1.57 million; prepaid income taxes, P393,255; and investment in business, exclusively made by his wife, P4.05 million.

Binay’s real properties were valued at P16.88 million.

Alabang Hills

These consisted of two residential lots and a house in San Antonio Village, Makati City; a residential lot in Alabang Hills, Muntinlupa City; a residential lot in San Pedro, Laguna; a residential lot in Calamba, Laguna; a residential lot in Alfonso, Cavite; agricultural land in San Pascual, Batangas; agricultural land in Liang Pilar, Mariveles, Bataan; agricultural land in Cabagan, Isabela; residential lot in Nasugbu, Batangas; and residential lot in Lobo, Batangas.

The lots in Batangas and Isabela were inherited, the Laguna lots were mortgaged, the Alfonso property was acquired through acknowledgment of services and deed of cession, while the rest were purchased.

Binay’s liabilities consisted of income tax payables, worth P1.494 million.

In the SALN dated Aug. 13 and submitted upon becoming Vice President, Binay was worth P58.76 million.

His real properties in the Aug. 13 SALN were worth P16.88 million, while his personal and other properties were worth P41.88 million. He had zero liabilities.