GMA’s net worth doubles to P66 M

President Arroyo’s net worth more than doubled during her first year in office, according to her statement of assets and liabilities which she has filed as required by law.

Under the law, government officials are required to submit a statement of their assets and liabilities each year. The idea is to discourage public officials from acquiring wealth illegally by showing that their wealth was acquired within their means. Falsifying financial statements or failing to make a disclosure is punishable by law.

Mrs. Arroyo’s statement of assets and liabilities for Dec. 31, 2001 showed that her net worth totaled P66,784,940.36, up by 119 percent from her 2000 net worth of P30,540,183.98.

As of end-2001, Mrs. Arroyo had a total of P70,284,940.36 in assets, up by P8.37 million from P61,913,066.03 a year ago.

Mrs. Arroyo only declared P3.5 million – representing a loan from Export and Industry Bank for a Toyota Lexus sedan – in liabilities for 2001. This is in contrast to the P30.37 million in liabilities Mrs. Arroyo declared in her 2000 financial statement.

In her 2001 statement, Mrs. Arroyo’s personal properties grew by P8.37 million, from P58,375,239.03 in end-2000 to P66,747,103.36.

Mrs. Arroyo’s personal properties are broken down as follows: P54.31 million in cash on hand and in banks; P6.87 million in vehicles; P1.5 million in law books; P1.41 million in inherited properties in process of transfer; P1.2 million in jewelry; P895,800 in office equipment; and P550,000 in appliances and furniture.

Her cash on hand and in banks grew by P17.9 million, from P36,364,872.03 at end-2000 to P54,313,347.36 at end-2001.

A year ago, the President’s personal properties included shares of stock worth P7.5 million, inherited properties in the process of transfer worth P5.4 million, vehicles worth P4.3 million, law books worth P1.5 million, jewelry worth P1.2 million, and race horses worth P600,000.

Her real estate properties totaled P3.53 million, consisting of a house in Baguio City acquired in 1977; a residential lot in Antipolo City bought in 1986; a commercial lot in Tayabas, Quezon, purchased in 1995; and agricultural lots in Bulacan and Batangas purchased in 1995 and 1997, respectively.

A condominium unit in Makati City, which was bought in 1980 and which appeared in her end-2000 statement, was not included in her list of properties.

The First Couple’s business interests were no longer listed in the 2001 financial statement.

Before, it contained First Gentleman Jose Miguel Arroyo’s businesses, which included LTA Inc. in Makati, JJ Agricultural Corp. in Bacolod City, Aviatica Travel and LTA Realty.

Mrs. Arroyo also declared in her statement that does not have any relatives engaged in government service. This is in spite of the fact that her eldest son, Juan Miguel Arroyo, is vice governor of her home province of Pampanga and is, therefore, a government official.

As for Mrs. Arroyo’s cabinet members, Finance Secretary Jose Isidro Camacho, the richest cabinet member, had lost more than P15 million in his first year in government service.

Trade Secretary Manuel Roxas II lost P1.5 million in his net worth during his first year in the Arroyo administration.

Agrarian Reform Secretary Hernani Braganza’s net worth remained the same while other cabinet members gained more than P1 million or less.

The "poorest" Cabinet member is Housing czar Michael Defensor with a net worth of just over P2 million.