Bongbong Marcos declares P437 million net worth

MANILA, Philippines - Of the seven senators who have filed their statements of assets, liabilities and net worth (SALN), Sen. Ferdinand "Bongbong" Marcos is the richest with a declared net worth of nearly P437 million.

The net worth of Marcos, the only son and namesake of former dictator Ferdinand Marcos, increased by P72.85 million compared to his net worth in 2011.

He said the increase actually came out with the new rules set by the Civil Service Commission (CSC), including the need to declare the acquisition costs of various properties as a result of the lessons learned during the impeachment trial of former chief justice Renato Corona.

The senator is so far the “richest” among the 7 senators who have made public their SALNs after the April 30 deadline. Marcos’ net worth did not cover the settlement of the estate of his late father.

Apart from Marcos, those who have revealed their SALNs for scrutiny of the media were senators Francis Escudero, Loren Legarda, Ramon “Bong” Revilla Jr, Teofisto Guingona III, Sergio Osmena III and Antonio Trillanes IV.

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Marcos explained in his SALN that he had to make certain adjustments on real investments even if the properties remain under construction or titles not yet in his possession.

The senator’s assets included real properties totaling to P303.5-million: P10 million in terms of cash on hand and cash on bank; nine vehicles worth P16 million; jewelry worth P15 million; paintings at P16.7 million; shares of stocks at P20 million and investment in a condominium unit at Wack-Wack in Mandaluyong and another unit in Ayala, Makati estimated at P85.6 million.

The senator, who hired a reputable appraisal firm for his SALN, also itemized and appraised his painting collection while the properties were based on tax declaration for real property.

Marcos explained that his total net worth was based on the appraisal report of the Cuervo Appraisers, a firm which he hired to appraise his assets for the past years.

The senator’s assets rose significantly through the years as his net worth was placed P126.45 million in 2007; then P179.98 million in 2008; P315.5 million in 2009; P311.5 million in 2010; and P364.39 million in 2011.