SALNs show Aquino richer by P10M, Binay steady

President Benigno Aquino III . GRIG C. MONTEGRANDE

MANILA, Philippines – President Benigno Aquino III’s wealth grew by P10 million to P65.13 million by the end of 2011 due mainly to the inheritance he received from his late parents, former Sen. Benigno “Ninoy” Aquino Jr. and former President Corazon C. Aquino.

With no liabilities, Aquino’s net worth stood at P65.13 million as of Dec. 31, 2011, based on his latest statement of assets, liabilities and net worth (SALN). In 2010, his net worth was P54.999 million.

The President thus is now richer than Vice President Jejomar Binay, whose net worth dropped slightly to P57.879 million as of end-2011. Binay’s 2010 net worth was P58.096 million.

Net worth is the difference between total assets less and liabilities.

Aquino earlier said his net worth for 2011 grew  because he received his inheritance from his parents. His sisters had decided to give him sole ownership of the Aquino family residence on Times Street in Quezon City.

Based on his latest SALN, his real properties amounted to P32.162 million. These include a residential house and lot in Quezon City that he acquired through inheritance in 1984, 2010 and 2011, and which has an acquisition cost of P24.31 million, including the buildings and improvements.

The President’s personal and other properties amounted to P32.967 million. These include P26.215 million in cash and in banks, as well as motor vehicles worth P4.2 million. He also has P552,829 in receivables and P2 million classified as “other assets.”

Aquino’s income as President in 2011 amounted to P1.212 million.

As for  Binay, his assets amounted to P65.144 million—nearly the same as the President—but he has P7.265 million in liabilities.

Binay’s real properties were valued at P16.878 million and consisted of nine residential lots in Makati, Muntinlupa, Laguna, Cavite and Batangas, and three agricultural lots in Batangas, Bataan and Isabela.

His real and personal properties amounted to P48.266 million. These consisted of P21.339 million in cash and in banks; P10.447 million in vehicles; P7.166 million in furniture, antiques, clothing and other properties; P4.193 million in the flower shop run by his wife; P3 million in receivables; P1.104 million in pieces of jewelry, and P295,804 in prepaid income tax.

Binay’s liabilities amounted to P7.265 million and consisted of P385,949 in income tax payable and P6.88 million representing the unpaid portion on a lease to own vehicle.

His income as Vice President for 2011 amounted to P1.151 million.