It’s up to MMDA chief to explain jump in net worth–Palace

Metropolitan Manila Development Authority Chair Francis Tolentino. FILE PHOTO

MANILA, Philippines – The burden of explaining the P21-million jump in the net worth of Metropolitan Manila Development Authority Chair Francis Tolentino lies with him, Malacañang said Saturday.

Tolentino’s net worth shot to P43.7 million from P22.5 million between 2011 and 2012, as shown by the Statement of Assets, Liabilities and Net Worth he submitted to the Office of the President as of Dec. 31, 2012.

Asked about the jump in Tolentino’s net worth, Palace spokesperson Abigail Valte answered: “I wouldn’t know. I would have not spoken to Chairman Tolentino about that, but I’m sure he will be happy to explain to shed light on this.”

“We’ll try to see what he has to say about this,” was all Valte could say in a radio interview.

Contacted for comment, Tolentino said his wealth had not increased and that he had exactly the same assets. The difference was that under the old SALN form, before the Civil Service Commission released a revised SALN form effective 2012, the property improvements were not added to the assets or to the total net worth, but were listed on another page as an attachment. The new form, he said, manadates that improvements on real property be included in the assets column, which he simply followed.

But the apparent 94-percent increase in Tolentino’s wealth for a one-year period is only part of the question.

Members of the Malacañang Press Corps – who on Friday had the first crack at the SALN of members of President Aquino’s official famil –were confused when they found out that Tolentino apparently submitted not one but three SALNs.

All three SALNs reflected different net worth (total assets less liabilities): P43 million, P9 million and P25.6 million. They were all dated Dec. 31, 2012.

The first SALN, which bears the date stamp of “4.26.13,” listed under “assets” two commercial lots in Tagaytay and one residential property in Muntinlupa City, for a combined (acquisition cost) total of P23.4 million.

The other SALN listed three additional real properties in Tagaytay worth P11.9 million; and the third, P11.5 million, representing the (acquisition) value of three other lots and the Windy Ridge Hotel, which are all located in Tagaytay.

He also declared law books and vehicles (worth a total of P5 million), and personal properties (dollar mutual funds, computers, receivables/bank deposits) worth P17.1 million.

He has total assets of P83.3 million and total liabilities of P39.5 million, and thus a net worth of P43.7 million.

Just as other Cabinet members did, Tolentino did not use the “assessed value” or “current fair market”—which are higher than the acquisition cost—in computing his total assets.

Malacañang could not confirm whether the two other SALNs—which, however, have different entries—were mere amendments.

While Tolentino appeared to have gotten richer, Education Secretary Armin Luistro and Peace Process Adviser Teresita Deles became poorer.

Luistro’s net worth decreased by P188,355—from P739,006 to P550,651, while Deles lost P14.74 million of her wealth, which fell from P21.83 million to P7.09 million.

Asked about why the odds of getting poorer seemed to increase in the case of Luistro and Deles, Valte said: “Well, sometimes that really happens.”

She added: “I understand that there are a number of Cabinet secretaries whose net worth has gone down because really a number of them have come from the private sector and had higher-paying occupations prior to [entering government]. And we know that the salary in government is not competitive.”

Sought for comment, Deles explained the reasons behind her diminishing wealth since joining the government.

“The big change in my net worth in my 2012 SALN from the one in 2011 is due to the much lower values reflected on the same real properties declared in my SALNs since 2010,” said Deles in a text message.

“The values for up to 2011 were only based on my personal estimations of comparative worth with similar properties in the market in the same community,” she said.

For 2012, however, in accordance with the new Civil Service Commission guidelines for filing of SALNs, “and as per legal advice, what we declared for the same real properties are based on assessed and market values on tax declaration certificates issued by the assessors’ offices’ in the cities/municipalities where these are located,” said Deles.

Deles two-page SALN declared real properties worth a measly P358,452.70, representing the acquisition cost of three residential lots and a farm lot.

However, she also admitted that the assessed value of those properties reached P2 million, and current fair market value was pegged at P4.3 million.

She also declared other personal properties worth P7.1 million.

Asked if it working in government was financially rewarding, Deles said: “In all my years of work, it’s never been about the pay.” With a report from Jaymee T. Gamil, Philippine Daily Inquirer