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Arroyo richer by P12.5M since assuming power in 2001
by: Avigail Olarte, PCIJ
Since she assumed the presidency in 2001, President Gloria Macapagal-Arroyo’s personal wealth has increased by 18.7 percent or P12.49 million.
In her latest Statement of Assets and Liabilities, President Arroyo’s net worth totaled P79,284,608.64, while her net worth in 2001 was at P66.78 million. In both years, bulk of the assets was cash on hand and in bank: P55. 4 million in 2005 and P54.3 million in 2001. In 2004, Arroyo had a total of P61.17 million of cash on hand and in bank.
Arroyo’s newly acquired piece of land in Coron, Palawan worth P2.05 million increased the total value of her real properties to P6.36 million, from only P3.53 million in 2001.
Through the years, the president has consistently declared a house and lot in Baguio City, a residential lot in Antipolo, Rizal, a commercial lot in Tayabas, Quezon, and agricultural lots in San Rafael, Bulacan and Nasugbu, Batangas.
Another recent addition to Arroyo’s list of assets is the P2.5-million worth of notes receivable.
There was also a sharp increase in the worth of the president’s jewelry: P1.2 million in 2001 to P3.4 million in 2005. This increase was first reflected in her 2002 declaration of assets, where the worth of her jewelry grew to P3.2 million. The worth of the president’s appliances and furniture also grew by P1.5 million, from only P550,000 in 2001 to P2.05 million in 2005.
Arroyo’s SAL now lists a total of P1.5 million worth of notes payable. In 2001, listed under the liabilities section was a loan from the Export and Industry Bank for a Toyota Lexus worth P3.5 million.
As for her business interests, the president has not declared any for 2005. Under RA 6713 or the Code of Conduct and Ethical Standards for Public Officials and Employees, government employees must include in their SAL the financial and business interests of their spouses and unmarried children below 18 years old. Arroyo last declared LTA Inc., JJ Agricultural Corp., and LTA Realty as the business interests of her husband in 2000, the year before she became president.
Arroyo also listed sister-in-law Ma. Lourdes Arroyo, cousin Erlinda M.B. de Leon, cousin-in-law Carlos L. de Leon, cousin Demetrio P. Macapagal, cousin-in-law Anthony Cortes as her relatives in government, apart from her son, Juan Miguel Arroyo and, brother-in-law, Ignacio Arroyo Jr., who are both in Congress.
Read the PCIJ’s analysis of the president’s asset statements since she became senator in 1992 to 2002 and see Arroyo’s 2005 SAL.
Below is a table of Gloria Arroyo’s net worth, 1992-2005.
| AR |
ASSETS
(in pesos) |
LIABILITIES
(in pesos) |
NET WORTH
(in pesos) |
NET WORTH INCREASE/
DECREASE
(in pesos) |
NET WORTH INCREASE/
DECREASE
(in %) |
| 2005 |
80,784,608.64 |
1,500,000.00 |
79,284,608.64 |
-1,857,704,56 |
-2% |
| 2004 |
81,142,313.20 |
- |
81,142,313.20 |
9,093,753.32 |
13% |
| 2002 |
77,548,559.88 |
3,500,000.00 |
72,048,559.88 |
5,263,619.52 |
8% |
| 2001 |
70,284,940.36 |
3,500,000.00 |
66,784,940.36 |
8,409,701.33 |
14% |
| 2000 |
58,375,239.03 |
- |
58,375,239.03 |
18,835,055.05 |
48% |
| 1999 |
41,540,183.98 |
2,000,000.00 |
39,540,183.98 |
2,513,661.98 |
7% |
| 1998 |
38,116,336.00 |
1,089,814.00 |
37,026,522.00 |
10,871,566.00 |
42% |
| 1997 |
26,496,390.00 |
341,434.00 |
26,154,956.00 |
10,833,424.00 |
71% |
| 1996 |
15,321,532.00 |
- |
15,321,532.00 |
2,708,862.00 |
21% |
| 1995 |
12,783,880.00 |
171,210.00 |
12,612,670.00 |
3,081,696.00 |
32% |
| 1994 |
9,940,194.00 |
409,220.00 |
9,530,974.00 |
1,150,575.00 |
14% |
| 1993 |
9,323,410.00 |
943,011.00 |
8,380,399.00 |
1,650,206.00 |
25% |
| 1992* |
6,974,120.00 |
243,936.00 |
6,730,193.00 |
- |
- |
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Source: Arroyo’s Statements of Assets and Liabilities
* Statement for 1992 failed to include real property in computation for total assets. If computed properly, total assets should read P8,132,497.00 and networth P7,888,561.00. Networth increase from 1992 to 1993 should therefore be P1,158,368.00 or 17 percent.
Note: PCIJ has no record of Arroyo’s 2003 SAL
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