Duterte lists P14.8M cash in bank, tops rival bets in wealth growth

MANILA, Philippines (Philippine Center for Investigative Journalism) - So how much is he really worth?

 

According to his 2015 Statement of Assets, Liabilities, and Net Worth or SALN, presidential front-runner and Davao City Mayor Rodrigo R. Duterte has a net worth for 2015 of only P23,514,569.93, or a slight P1.54-million increase in his declared net worth in 2014.

 

Duterte’s “cash on hand/in bank”, according to his latest SALN, was just P14,839,69.93, as of Dec. 31, 2015.

 

Duterte filed his SALN for 2015 early — on April 21, 2016, or nine days ahead of the April 30 deadline.

 

In contrast, until yesterday noon, Vice President Jejomar ‘Jojo’ C. Binay, another candidate for president, had yet to file his SALN for 2015 with the Office of the Ombudsman. Meanwhile, there is a waiting period of 10 working days to secure the 2015 SALNs of fellow presidentiables Senators Grace Poe and Miriam Defensor-Santiago – that is, if they have already submitted these. Former Interior and Local Governments Secretary Manuel ‘Mar’ Roxas II, though, will not have to file a SALN this time around, since he is no longer a government official.

 

Interest in Duterte’s SALNs has surged following allegations that he has bank accounts through which hundreds of millions of pesos have supposed passed through. For sure, certified bank records may be needed for anyone to prove or disprove such allegations. But what Duterte’s SALNs do show is a phenomenal growth rate over the last 19 years.

 

The earliest SALN Duterte had filed that is on PCIJ’s archives is for the year 1997, in which he declared a net worth of only P897,792.

 

The Davao City mayor’s net worth of P23.5 million for 2015 redounds to a 2,519 percent increase, or a phenomenal growth rate of 132.6 percent on average per year, over the last 19 years.

 

 

By comparison, Binay’s net worth grew from P2.9 million in 1989 to P60.20 million in his SALN for 2014, for a cumulative increase of 1,975 percent in 25 years, or an average of 79 per cent per year.

 

Roxas, the administration Liberal Party’s candidate for president, reported a net worth of P12.76 million in 1993, and grew this to P202.08 million in 2014. This results in a 1,483 percent growth in 21 years, or 70.61 percent on average per a year.

 

Defensor-Santiago, candidate for president of the People’s Reform Party, showed a modest uptick in her declared net worth — from P48.00 million in 1994 to P73.03 million in 2014, for a 52.14 percent growth in 20 years, or 2.6 percent annual average growth.

 

And then there is the case of Poe, presidential bet of the Galing at Puso slate, which is one of progressively declining wealth. Poe declared a net worth of P152.5 million in 2010, but this slipped steadily to P89.46 million in her SALN for 2014, for a net regression of 41.34 percent in four years, or negative 10.32 percent on average per year.

 

Although far from being “perfect” financial reporting instruments, SALNs often contain interesting information about a public official or candidate’s wealth, regardless of whether or not the official or candidate had been forthright about all the details.

 

For instance, in his latest SALN for 2015 that PCIJ obtained from the Office of the Ombudsman, Duterte said he also owned:

 

• P3 million flat in “investments”;

• P350,000 in household appliances and furniture;

• P300,000 in jewelry; and

• four pieces of residential real property worth only P480,000 by acquisition cost.

 

He said he acquired these lots, all located in Bago Aplaya, Davao City, between 1995 and 1996.

 

Also declared among his “personal properties” are two vehicles — a Toyota RAV 4 acquired in 1996 for supposedly P800,000, and a “Volks Sedan” acquired in 1978 supposedly for P40,000.

 

In a separate page, however, Duterte listed a second set of “assets, liabilities, and net worth” and additional properties “including those of the spouse and unmarried children below 18 years of age being in the declarant’s household.”

 

Duterte named his 11-year-old daughter by his second partner in this separate assets list.

 

On this list are five real properties. Duterte said three lots are located in Maa, Davao City, one house and lot in Matina, Davao City, all reportedly acquired from 1997 to 1998, and a second house and lot located in Buhangin, Davao City that he said he purchased in 2008.

 

Yet still on another page of his 2015 SALN, Duterte listed a third set of real properties that he noted were “purchased through the exclusive funds of (the mother of his 11-year-old daughter), Cielito S. Avancena.”

 

This third set of properties includes three lots — two agricultural and one residential — located in Matina, Malagos, and Catigan, all in Davao City; and two house and lots in Matina; Davao City.

 

Duterte valued this final set of real properties at P3.08 million, by acquisition cost.

 

On this separate page, too, Duterte listed a “personal loan” of P1.2 million from a certain “Samuel Uy”.

 

In his SALN for 2014, Duterte had declared a net worth of P21 ,971,732.62, including combined real and personal properties of P22,971,732.62, and liabilities of only P1 million to a certain “Samuel Uy”.

 

In his 2015 SALN, Duterte declared his business interest in two entities — as incorporator since 1997 of Honda Cars, with business address at Catolico Street, General Santos City; and as incorporator since 2012 of Poeng Yue Foundation, Inc., with business address on San Pedro Street in Davao City.

 

As in his 2014 SALN, in his 2015 SALN Duterte listed having six relatives in the government service. They are:

 

• Son Paolo Z. Duterte, vice mayor of Davao City;

• Daughter-in-law January N. Duterte, councilor of Davao City;

• Brother Benjamin R. Duterte, his private secretary at the Davao City Mayor’s Office;

• Nephew Wilfrido D. Villarica, Administrative Officer 1, at the Davao City Council;

• Jean Villarica, wife of Wilfrido, Auxiliary Worker of Davao City’s Environment and Natural Resources Office; and

• “Balae” Agnes Reyes-Carpio, mother of the spouse of his daughter Sara, Associate Justice of the Court of Appeals

 

Nineteen years ago, when he was a congressman from Davao City, Duterte had

declared owning seven real properties that he said he acquired for a combined cost of P603,700; and personal properties worth P3,250,092. The latter included, he said, “cash on hand/in bank” of only P189,245; cars and motorcycles worth P1,206,482; and “investments” of P1,556,250.

 

That same year, 1997, Duterte said he had “miscellaneous payables” amounting to P2,956,000.

 

Two years earlier in 1995, he said he invested a total of P1,556,250 in “Mister Donuts” outlets located in Ulas, Agado, P. Reyes, and Ecoland, all in Davao City.

 

Notably, like his net worth, Duterte’s “cash on hand/in bank” has charted an upward trek in the last two decades, save for one year.

 

In 1998, Duterte said he had P339,245 “cash on hand/in bank” and net worth of

P1,047,792 as of December that year.

 

In 1999, he declared exactly the same amount of “cash on hand/in bank”, but also a bigger net worth of P1,447,542.

 

In 2000, his “cash on hand/in bank” grew to P512,135, and his net worth, P1,766,722.

 

In 2002, it climbed to P889,441, and his net worth, P2,834,028.

 

In 2004, it jumped to P3,220,312, and his net worth, P7,024,899.

 

In 2005, it rose to P4,621,193, and his net worth, P8,425,780.

 

In 2006, it became P6,071,460, and his net worth, P8,650,627.

 

In 2007, he declared it at P7,079,199, and his net worth, P9,685,366.

 

In 2008, he put it at P7,514,124. This excludes what he declared to be P1,138,890 in premiums paid for educational plans; P1,305,953 in “private inheritance”; P454,500 in premiums paid for pre-need plans; P686,833 in time deposits; and P65,625 in stocks.

 

His declared net worth for 2008 was P15,315,925.08.

 

In 2009, the amount of Duterte’s “cash on hand/in bank” climbed to P9,164,204.32, and his net worth, P16,616,005.40.

 

In 2011, he put it at P11,155,123.12, and his net worth, P18,930,123.12.

 

In 2014, he declared it to be P13,846,732.62, and his net worth, P21,971,732.62.

 

In his latest SALN for 2015, Duterte said his “cash on hand/in bank” was all of P14,839,69.93. — With research by Vino Lucero and Davinci S. Maru, PCIJ, May 2016