Mikey’s wealth soars to P76 M in 11 years

The wealth of presidential son and Pampanga Rep. Juan Miguel "Mikey" Arroyo jumped more than 1,500 times in 11 years.

Documents obtained by reporters covering the House of Representatives showed that Mikey’s net worth grew astronomically from P50,000 in 1993 when he worked for his mother, then Sen. Gloria Macapagal-Arroyo, to more than P76 million last year, or by 1,531 times.

From P50,000 in 1993, the President’s son’s net worth increased to P320,000 in 1994 – P120,000 in cash and P200,000 in personal effects.

In 2001, when he was Pampanga vice governor, he had P3,327,686.12 in cash, P250,000 worth of personal effects and P2,144,101.17 in shares of stock, for a net worth of P5,721,787.29. In 2002, his wealth dwindled to P5,003,023.79 due to a decrease in his cash holdings by more than P700,000.

When Mikey became a congressman in 2004, his net worth jumped to P74,436,738.79.

His assets consisted of cash amounting to P20.1 million, personal effects worth P18 million, shares of stock valued at P25.4 million, motor vehicles worth P5.9 million, furniture and appliances valued at P1 million, and a house and lot in Lubao, Pampanga worth P4 million.

And last year, Mikey declared a net worth of P76,531,403.96. His assets consisted of the Lubao house, a new house in La Vista, Quezon City worth P8 million, cash of P13.8 million, shares of stock valued at P25.9 million, and the same amount of personal effects, vehicles and furniture as he declared the previous year.

Mikey went on official leave following the jueteng payola allegations against him.

The presidential son, one of the wealthiest members of the House of Representatives, has left for the US last week with his wife and two daughters while on official leave from the House.

His uncle, Negros Occidental Rep. Jose Ignacio "Iggy" Arroyo, is the third richest member, with assets valued at more than P300 million.

Iggy is being investigated by the Bureau of Internal Revenue for possible tax evasion.

ABS-CBN News Channel has reported that before he became a congressman, the brother of First Gentleman Jose Miguel Arroyo paid no more than P19,000 in annual income tax. With assets of more than P300 million, he should be paying about P140 million, ANC said.

The same news channel reported Iggy is set to leave for Europe to attend a House-related meeting and that he would proceed to US for long delayed medical examination. — Jess Diaz