MANILA, Philippines – As far as Malacañang is concerned, the increase in the net worth of President Arroyo and her two sons in Congress should be credited to sound investment.
Press Secretary Cerge Remonde said that the P45-million increase in the net worth of the President was the result of her sale of a three-hectare lot in 2008 at P1,400 per square meter.
In the case of Pampanga Rep. Juan Miguel “Mikey” Arroyo and Camarines Sur Rep. Diosdado “Dato” Arroyo, Remonde said that the two were able to profit from their investments in the stock market.
“As you know, the Arroyos are very much into the stock market. I think they have made good investments so most of these increases are really on the basis of stock investments,” Remonde said.
The statement of assets and liabilities provided by the House of Representatives showed that Mikey’s P96.7-million net worth in 2007 rose to P99.2 million, or P2.5 million more, in 2008.
In the case of Dato, he enjoyed an increase in wealth from P83.7 million in 2007 to P89 million in 2008, or P5.3 million more.
Eyebrows were raised when it was revealed that the President’s net worth more than doubled since she took over from former President Joseph Estrada in 2001.
From just P66.747 million in 2001, the President’s net worth was recorded at P144.539 million in 2008.
Deputy presidential spokesperson on economic affairs Gary Olivar said the increase in the net worth of the President during that period was not unusual at all.
At an average annual rate of growth of 10 percent, Olivar argued that the net worth grew at a decent rate as should be expected from someone with her stature. – Marvin Sy