Poe’s 2015 SALN: P89-M net worth, P125-M assets, P36-M liabilities

MANILA, Philippines (Philippine Center for Investigative Journalism) - Sen. Grace Poe released Wednesday morning, May 4, a copy of her Statement of Assets, Liabilities, and Net Worth (SALN) for 2015 in which she declared a net worth of P89,118,760.02, a slight decrease from the P89.46 million enrolled in her SALN for 2014.

As of Dec. 31, 2015, the candidate for president of the Galing at Puso slate said she owned a total of 30 real properties, including 14 pieces of mostly residential real properties she purchased from 1992 to 2010 with aggregate acquisition cost of P95,002,568.81.

The 14 included two house and lots in California, USA — the first valued at P27,995,500 that Poe said she purchased in 1992, and the second valued at P15,074,500 that Poe said she purchased in 2008.

Poe gave only the “acquisition cost” of the two properties but left blank the columns for their “assessed value” and “current fair market value.”

In addition, Poe listed 16 other pieces of real assets — three commercial in nature, two agricultural, and 11 residential — for which she assigned zero acquisition cost.

She said all these 16 additional real properties were “inheritance” that passed on to her in 2004, the year her father Fernando Poe Jr. died.

Aside from real assets, Poe declared “personal and other properties” to be worth P30,656,423.16 in all, as of last yearend.

The amount included the following: the checking account she opened in 2011 with P862,099.92 balance; her husband’s checking account opened in 2006 with P474,183.57 balance; shares of stocks in nine various business entities acquired from 2006 to 2012; six vehicles; a “money market account” worth P96,415.17; and a foreign currency savings account opened in 2011 with P202,270.19.

Among her investments, Poe said she acquired in 2012 “shares of stocks (in) San Miguel Corporation A, by subscription — 8,500 shares.” However, her SALN had this notation for her stocks in San Miguel Corp. — “Divestment of stock began 19 APR 2016.”

Again by “inheritance,” Poe said she had shares of stocks in two more entities — P7,375,000 in 226 Wilson Development Corp. (7,375 shares valued at P1,000 per share), and in P2,235,772, at face value, in FPJ Productions, Inc.

Poe’s latest SALN did not enroll values for furniture and appliances, books, paintings, jewelry and other entries that typically appear in the SALNs of many other public officials.

Minus the real properties and shares of stocks that she declared to be “inheritance” for which she assigned zero acquisition cost, the senator’s total assets (real assets plus personal properties) amounted to P125,658,991.97.

Her net worth for 2015 came up to just P89.1 million because she had total liabilities of P36,540,231.95.

These liabilities included, she said, subscription balance payable to JPS Realty & Development Corp, 226 Wilson Development Corp., and Chambrandt L. Holdings Corp.; a lot installment payable; two automobile loan payable; and a personal loan from Jesusa S. Poe of P17,760,000.

Popularly known by her screen name Susan Roces, Jesusa S. Poe is the senator’s mother and the widow of Fernando Poe Jr.

Poe’s SALN for 2015 made two disclosures in an extra page: “P451,661,64, running balance of Cash in Bank as of 31 December 2015” of her minor children; and “P4,780,237.70, running balance of Cash in Bank as of 31 December 2015” of Jesusa S. Poe’s aggregate savings/checking account in which the senator said she is a “secondary/co-signee.”

Poe said she has been an officer/shareholder from 2006 to 2009 in FPJ Productions, JPS Realty and development Corp., and 226 Wilson Development Corp.; and a shareholder in AB Design Studios and Trading Corp. and The Health Cube Rehabilitation and Training Center.

Pow said her husband Teodoro ‘Neil’ V. Llamanzares is also an officer/shareholder in Chambrant L. Holding Corp.

The senator’s latest SALN filing named Llamanzares as an “Independent Management Consultant” in a company whose name was redacted or blackened in the document.

Two daughters aged 11 and 17 years old were declared by Poe as minor dependents in her household.
Two relatives are employed in her office at the Senate — first cousin Lawrence S. Cruz, PAO III, and first cousin-in-law Anna Camille L. Sevilla, Director IV.

Poe’s SALN for 2015 was filed on April 29, 2016 and was received on the same day by the Office of the Senate Secretary.

PCIJ had requested since last Monday a copy of Poe’s latest SALN from her chief of staff. The copy was finally emailed Wednesday morning.

Poe filed her first SALN in 2010 as chairperson of the Movie and Television Review and Classification Board or MTRCB, an appointee of President Benigno S. Aquino III. Back then, Poe had declared a net worth of P152.53 million.

It slipped to P132.25 million in 2011 and recovered to P147.8 million in 2013, the year she was elected senator. Poe’s net worth skidded significantly to P89.46 million in her SALN for 2014. — PCIJ, May 2016