Energy chief is richest Cabinet member

Who’s the richest member of the Arroyo government?

Based on the sworn statements of assets and liabilities (SAL) submitted to the Office of the Ombudsman, the official with the most resources is Energy Secretary Jose Isidro "Lito" Camacho.

The former investment banker reported a net worth of P329,077,743.88 as of Feb. 28, 2001. He submitted his sworn SAL on April 4, a month after he was named by President Arroyo to the energy post.

The President herself had reported a net worth of P30,540,183.98, with total assets of P61,913,066.03 as of Dec. 31, 2000. The amount was an increase of over P20 million compared to her declared assets of P41,540,183.98 in the previous year.

The hefty increase can be attributed to divestments made by the Arroyo couple on properties as well as an increase in earnings of unspecified stocks. Cash on hand and in banks grew to P36,364,872.03 from P5.8 million in her 1998 SAL.

During the start of her presidency, Mrs. Arroyo said she and First Gentleman Jose Miguel Arroyo, who owns a number of real estate properties and business enterprises, would have to divest them to avoid conflict of interest.

In her 2000 SAL, the President declared a total P58,375,239.03 in personal properties. These include P7.5 million worth of stocks, P5.4 million in inherited properties in the process of transfer, P4.3 million worth of vehicles, P1.5 million worth of law books, P1.2 million worth of jewelry and P600,000 worth of racehorses.

Real estate properties include a house and lot in Baguio City acquired in 1977; a residential lot in Antipolo City gift-purchased in 1986; a condominium unit in Ayala purchased in 1980; a commercial lot in Tayabas, Quezon purchased in 1995; and agricultural lots in Bulacan and Batangas purchased in 1995 and 1997, respectively.

In the area of business interests, Mrs. Arroyo listed her husband’s firms, which include LTA Inc. in Makati; JJ Agricultural Corp. in Bacolod City; Aviatica Travel and LTA Realty.

For his part, Camacho declared a total P412,918,532 in assets. Of the total, he declared P112,800,980 worth of real estate properties.

These include one in the Philippines and three in the US. He also reported P300,117,552.88 in other properties, consisting of luxury vehicles, cash in the bank and investments.

Prior to his stint as country managing director of Deutsche Bank, Camacho was connected with Bankers Trust Inc. for 20 years. His last assignment with the firm was as managing investment director for Southeast Asia, including India.

Under Republic Act 6713, or the Code of Conduct and Ethical Standards for Public Officials and Employees, the President, Vice President and members of the Cabinet are required to submit their SAL before April 30, or 30 days after assumption into office. So far 15 Cabinet members have submitted documents.

Joining Camacho in the list are the following, arranged from highest to lowest in terms of net worth:

• Trade and Industry Secretary Mar Roxas, P74,059,397.

• Finance Secretary Alberto Romulo, P54,210,000.00.

• Justice Secretary Hernando Perez, P32,579,658.51.

• National Security Adviser Roilo Golez, P31,279,647.73.

• Transportation Secretary Pantaleon Alvarez, P28,380,000.

• Tourism Secretary Richard Gordon, P20,408,021.

• Education Secretary Raul Roco, P11,819,608.

• Agrarian Reform Secretary Hernani Braganza, P9,436,000.

• Labor Secretary Patricia Sto. Tomas, P9,326,274.78.

• Health Secretary Manuel Dayrit, P7,608,000.

• Science & Technology Secretary Estrella Alabastro, P6,151,815.

• Interior Secretary Jose Lina, P5,850,000.

• Press Secretary Noel Cabrera, P4,959,000.

• Social Welfare Secretary Corazon Soliman, P4,945,000.

Net worth is obtained by subtracting liabilities from total assets, which include real estate and personal properties.