Aquino defends increase in net worth

MANILA, Philippines -  President Aquino yesterday admitted he is over P4-million richer since he became the country’s chief executive, but only because he of his inheritance from his parents.

“The net worth has increased by the mere fact that my mother died, my dad died and they gave me an inheritance. So, that’s the only reason that it has increased,” he told reporters in an informal interview at the Commission on Audit.

“The increase of P4 million was for a property owned by my mother and several of my siblings (that was sold) recently,” he said.

The President was explaining why his assets grew by P4.8 million compared to last year as shown in his statement of assets, liabilities and net worth (SALN) for 2010, which he submitted to the Office of the Ombudsman.

Early this year, a Cojuangco-owned 14-hectare land in Antipolo City was sold for P466 million to firms belonging to the Robinsons Group of Companies.

The value of P466 million was computed based on the P34 million capital gains tax and documentary stamps that the Aquinos paid at the Bureau of Internal Revenue.

Capital gains tax account for six percent of the total contract price and/or market value, whichever is higher, and documentary stamps account for 1.5 percent of the contract, which means the total transaction at the minimum could have reached P466 million.

The President also declared in his SALN his motor vehicles worth P8.7 million, including the controversial white 2007 Porsche sports car he bought in December 2010.

His motor vehicles are among those listed in his personal and other properties amounting to P33.16 million. His other assets are cash on hand and in banks worth P6.22 million; receivables of P17.03 million; and other assets valued at P1.20 million.

The President’s real properties were valued at P22.07 million. These consisted of a residential lot in Tarlac City, agricultural land in Tarlac City, agricultural land in Capas, Tarlac, a house and lot in Quezon City and a commercial lot in San Juan City.

The residential lot and the agricultural land in Tarlac City were acquired in 1997 and 1987. The rest of his real properties were part of his inheritance.

The President has only one liability – taxes payable to the Bureau of Internal revenue amounting to P228,961. – With Jess Diaz