Duterte wealth up by P3.3M in 6 months

President Rodrigo Duterte. INQUIRER FILE PHOTO/JOAN BONDOC

President Rodrigo Duterte is now worth P27.43 million.

Mr. Duterte’s net worth increased by P3.35 million, or about 14 percent, in December 2016 from P24.08 million six months earlier when he took office as the country’s 16th President.

The figures were taken from his statement of assets, liabilities and net worth (SALN) on Aug. 10, 2016, and on April 18 this year. They were obtained on Friday by the Inquirer from the Office of the Ombudsman.

The August SALN showed his assets and liabilities as of June 2016 while the April 2017 SALN reflected those he had at the end of 2016.

The SALNs show that Mr. Duterte’s total assets had grown to P28.43 million by December 2016, from P25.18 million at the time he entered Malacañang.

Real properties

Going by his declarations, Mr. Duterte’s “cash on hand/bank” rose to P18.45 million, up P3.14 million from P15.31 million during the same period.

Unspecified “investments” decreased to P3 million from P3.9 million. His SALN showed that in  December 2016, he had reported “other personal properties” worth P1 million, which were not reflected six months earlier. The value of his jewelry remained the same at P300,000.

There was no change in the total declared value of his nine residential properties in Davao City, which were reportedly acquired for P1.405 million. Their current fair market value is P2.829 million.

Two of these properties consisted of a house and lot—his P175,000 home in Matina Crossing, which was purchased in 1998, and another in Margarita Village bought in 2008 worth P500,000.

Four lots, each bought for P120,000 in 1996, are located in Gallera de Oro. The three others lots in Woodridge were acquired separately for a total of P250,000 from 1997 to 1999.

Mr. Duterte listed residential and agricultural properties in the name of his 12-year-old daughter, Veronica, whose value remained unchanged at P3.08 million from June to December. However, their current fair market value is only P466,674.

Liabilities and interests

Three residential properties in Matina Crossing and two agricultural lots in barangays Malagos and Catigas were declared to have been obtained with the “exclusive funds” of Cielito Avanceña, the President’s common-law wife.

Mr. Duterte also reported owning a Volkswagen Sedan he acquired for P40,000 in 1978 and a Toyota RAV4 he bought for P800,000 in 1996. His household appliances and furniture were worth P350,000.

The President’s liability consisted of a single personal loan from businessman Samuel Uy, which had shrank to P1 million from P1.1 million.

Mr. Duterte apparently divested his interests in Honda Cars in General Santos City and Poeng Yue Foundations Inc. in Davao City. His August 2016 SALN showed he was an incorporator in both but in his April SALN an “x” was typed next to the box for “I/We do not have any business interest or financial connection.”