Times St. house ups Aquino’s net worth

President Benigno Aquino III INQUIRER FILE PHOTO

BATO, Catanduanes—That’s the problem with being a millionaire. Sometimes you don’t know exactly how much you’re worth.

President Benigno Aquino III told reporters on Wednesday his net worth increased in 2011 because of an inheritance from his parents, the late opposition leader Benigno “Ninoy” Aquino Jr. and former President Corazon Aquino. However, he said he did not want to give an exact figure because he might get it wrong and end up being in the news for underdeclaring his net income.

For 2010, Mr. Aquino declared a net worth of P54.9 million in his statement of assets, liabilities and net worth (SALN).

On Wednesday, the President said: “I don’t have a copy (of my SALN) with me. I might give you a wrong figure and end up being questioned by you.”

He added: “When it comes to SALN—and I admit I took up only one accounting subject—I might not be able to give you the exact figure down to the decimal point and that might become your headline for two weeks.”

“If I have a copy with me, I can read it to you completely, down to the last centavo,” he said.

Sole owner

Mr. Aquino said his net worth grew in 2011 because he finally got his inheritance from his late parents, which included sole ownership of the famous Aquino residence on Times Street in Quezon City.

“There is an increase (in net worth) and the increase primarily is because of the inheritance that I got from both my father and my mother which was finalized in 2011,” he said.

Mr. Aquino came here to inaugurate a new state-of-the-art radar tower station of the Philippine Atmospheric, Geophysical and Astronomical Services Administration (Pagasa) and lead the ceremonial switch-on of two hydroelectric power plants.

Bequeathed by sisters

The 51-year-old bachelor said the “major” increase in his net worth came from the Times Street residence.

“My sisters have decided to bequeath their portions to me also. So whereas last year, I owned a portion, a share of one out of five, now it’s five-fifths. The entirety is my property and my responsibility,” he said.

The President’s sisters are Ballsy Aquino-Cruz, Pinky Aquino-Abellada, Viel Aquino-Dee and Kris Aquino.

Mr. Aquino’s net worth of P54.9 million in 2010 reflected a P4.8-million increase from the previous year. The amount represented his share of the proceeds from the sale of a piece of property in Antipolo City that belonged to his mother.

Originally posted at 08:34 pm | Wednesday, May 02,  2012