Who are the 10 richest Cabinet members? | Inquirer News

Who are the 10 richest Cabinet members?

/ 06:36 PM May 28, 2014

Philippine Foreign Affairs Secretary Albert del Rosario AP FILE PHOTO

MANILA, Philippines — Foreign Affairs Secretary Albert del Rosario is still the richest member of President Benigno Aquino III’s Cabinet, even increasing his wealth by almost P60 million in 2013.

Copies of Cabinet members’ statement of assets, liabilities and net worth (SALN) showed that the 10 richest secretaries had net worth ranging from P90 million to P765 million.


Del Rosario


Del Rosario, who was appointed in 2011, invested more than P665 million in marketable securities alone. He has a total net worth of P765,379,281.02 in 2013. Among his declared properties are two condominium units at the Pacific Plaza Towers in Taguig City, worth P21.6 million and P38.59 million.

According to the Department of Foreign Affairs (DFA) website, the Secretary had a business career that “spanned a vast field which included insurance, banking, real estate, shipping, telecommunications, consumer products, retail, pharmaceutical, and food industries” before entering public office. He was the Philippine ambassador to the United States during the term of former President Gloria Macapagal-Arroyo.


At second place is Tourism Secretary Ramon Jimenez Jr. with a net worth of P282,466,800. His biggest asset is his house in Ayala Alabang worth P59 million. He has P40.6 million in bonds and P48.8 million as cash on hand or in bank.

Before being appointed as tourism secretary in 2011, Jimenez was a known advertising executive.



Finance Secretary Cesar Purisima has a net worth of P278,947,249. He has invested heavily in equities, bonds and real estate. His SALN showed that his jewelry and art collection is worth P12.9 million.

Purisima had a solid career in the financial sector before joining government. He was at one point the chairman and managing partner of Sycip, Gorres, Velayo & Co., a famous accounting firm. He was also the finance secretary of Arroyo but was among those who resigned at the height of the “Hello Graci” scandal.


Interior Secretary Manuel Roxas II, the running mate of Aquino during the last presidential election, has a net worth of P211,027,479.88.

He has P122 million in stocks and P24 million in cash and time deposit. Listed in his SALN are properties acquired through inheritance. He has a number of business interests acquired from the estate of his father, former Senator Gerardo Roxas.

The Secretary, a member of the affluent Araneta clan, was also a senator before losing his bid as vice president in 2010. He was later appointed head of the Department of Transportation and Communications (DOTC) before taking his current post after the untimely death of Secretary Jesse Robredo.


Like his colleagues, Trade Secretary Gregory Domingo had years of experience in the private sector before being appointed into office. He served as director to numerous companies including SM Investments Corporation, BDO Private Bank and Meralco.

He declared a net worth of P150,641,395 for 2013. Most of his assets are also in investments and deposits. He has a P37 million worth house in Makati bought in 2004 and an P18.5 million vacation house in Nasugbu, Batangas.


Investments also took up most of the assets listed by Chief Presidential Lead Counsel Alfredo Benjamin Caguioa. He declared a net worth of P120,378,000.

Caguioa, a bar topnotcher in 1986, was Aquino’s classmate at the Ateneo de Manila University. He is a founding partner of the Caguioa and Gatmaytan Law Office.


Cabinet Secretary Jose Almendras has a net worth of P119,841,097.67. He was treasurer of Aboitiz & Co. and Aboitiz Equity Ventures and was president of Manila Water of the Ayala Corporation before becoming the secretary of the Department of Energy in 2010. He became Secretary to the Cabinet in 2012.

Almendras’ biggest asset is his house in Quezon City worth P26.7 million. He has P26.1 million in bank deposits and foreign currency placements.


Energy Secretary Carlos Jericho Petilla’s net worth of P117,095,110 was mostly attributed to his real properties in Metro Manila, Leyte and Batangas. He also has P26.5 million in cash and P28.9 million in furniture and investments, according to his SALN.

Born to a political family, Petilla served as governor of Leyte from 2004 to 2012.


A descendant of Emilio Aguinaldo, Transportation and Communications Secretary Joseph Emilio Abaya served in the military before becoming a congressman of Cavite.

He declared a net worth of P112,080,897.55 for 2013, P37.9 million of which are deposited in the bank. He bought a condominium unit in Makati worth P27 million.


Health Secretary Enrique Ona was the executive director of the National Kidney and Transplant Institute for 11 years. His net worth for 2013 was P93,692,345.56, most of which was invested in stocks and treasury bonds.

Below are the net worth of all Cabinet members in descending order:


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TAGS: Enrique Ona, Government, SALN, wealth

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