Most of the President’s men, women are rich | Inquirer News

Most of the President’s men, women are rich

By: - Reporter / @TarraINQ
/ 03:28 AM May 29, 2014

MANILA, Philippines—In President Aquino’s Cabinet of mostly multimillionaires, the richest got richer while the rich got slightly less rich.

The same officials topped the list of the Philippines’ richest Cabinet members, with a few switching places but generally gaining some more millions, according to copies of the Cabinet’s individual statements of assets, liabilities and net worth (SALNs) released to the press yesterday.

Foreign Secretary Albert del Rosario remains the richest among the 34 Cabinet officials, with his wealth pegged at P765.38 million, up by nearly P60 million from his 2012 declaration.


The country’s top diplomat, formerly a businessman known for giving up his government salary for distribution to employees at the Department of Foreign Affairs (DFA), declared no liabilities.


The bulk of his bank account comes from investments in corporate stock—a total of P665.46 million-while about 10 percent accounts for properties, including a house in plush Dasmariñas Village in Makati City, four condominium units in the cities of Makati and Taguig, and seven other real estate properties.

Tourism Secretary Ramon Jimenez comes a far second to the DFA chief, but up from third place last year, with a net worth of P282.46 million, up from P249.98 million in 2012.

His assets include homes in Ayala Alabang and Punta Fuego and land acquisitions in Cavite and Laguna provinces.

Like Del Rosario, Jimenez declared no liabilities.

The tourism chief overtook by just a few millions last year’s second-richest, Finance Secretary Cesar Purisima.

Purisima has dropped to third place, with a net worth of P278.95 million after growing his wealth by P8 million.


Also without liabilities, Purisima listed among his assets several homes in Metro Manila, Tagaytay City and Laguna province, along with various investments.

Roxas still in 4th place

Interior Secretary Mar Roxas, a descendant of the old-rich Araneta clan, remains in fourth place, with a net worth of P211.027 million, up from P203.36 million in his 2012.

While Roxas has assets of P283.56 million, he declared liabilities of nearly P72.5 million, mostly unpaid loans.

Roxas’ riches also include P122 million in corporate stock, “artworks, furniture and fixtures” amounting to P25 million, cash and time deposit of P24.48 million, and jewelry worth P10 million.

Trade Secretary Gregory Domingo remains in fifth place, with a net worth of P150.641 million, a few thousands down from P150.64 million in 2012.

Nearly half of his assets—P73.18 million—were in cash, deposits, investments and other liquid assets.

Secretary Alfredo Benjamin Caguioa, the chief presidential legal counsel, remains in sixth place, with a net worth of P120.38 million, slightly up from P120.27 million in 2012. Some P84 million of this amount comes from investments.

In seventh place, Secretary Rene Almendras earned an additional P4.4 million to raise his net worth to P119.84 million in 2013.

He listed several homes and lots among his assets, along with investments and bank deposits. He also has real property payment balances worth P31 million.

Energy Secretary Jericho Petilla is the eighth-richest Cabinet member, with a net worth of P117.1 million, increasing his wealth from P111.29 million in 2012.

Transportation Secretary Jose Emilio Abaya remains in ninth place, gaining more millions for a net worth of P112.08 million in 2013, up from P104.72 million in 2012.

Moving up

Health Secretary Enrique Ona is the 10th-richest Cabinet member, moving up from the 12th spot to dislodge Agriculture Secretary Proceso Alcala.

Ona earned more than P13 million to raise his net worth to P93.7 million in 2013 from P80.23 million in 2012.

Alcala’s net worth is P90.77 million, up from P88.42 million in 2012, while Public Works Secretary Rogelio Singson is down from the 11th to the 12th spot with P83.84 million, nearly unchanged from his 2012 declaration.

Education Secretary Armin Luistro, a La Salle brother known for his modest lifestyle, remains the poorest and the only nonmillionaire in the Cabinet.

Luistro did not declare owning any house, vehicle or other properties, save for cash and bank deposits amounting to P433,392.17, lower than his declaration of P550,651 in 2012.

Busiest women

Among those at the bottom of the list are some of the busiest women in the Cabinet.

In 30th place is Justice Secretary Leila de Lima, whose net worth is P4.58 million as of 2013, followed by Presidential Adviser on the Peace Process Teresita Deles, who declared a net worth of P4.42 million, down from P7.092 million in 2012; Labor Secretary Rosalinda Baldoz, with P4.34 million, and Social Welfare Secretary Corazon Soliman, with P3.68 million.



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