Inquirer report: In the Senate, the rich get richer

Talk about the rich getting richer.

Nobody did it better than outgoing Sen. Manuel “Manny” Villar whose wealth increased by some P600 million last year, largely  because of the country’s soaring stock market.

Shares of stock, most likely in Vista Land and Star Malls, publicly listed property firms that his family controls, account for the lion’s share of his assets.

Villar listed his net worth for 2012 at P1.4 billion, up 65 percent from the P854 million he declared in 2011. The senator has no liabilities.

Senators Ralph Recto (net worth: P468,467,036.10), Ferdinand Marcos Jr. (P437,238,356.18), Jinggoy Estrada (P193,580,509.92), Ramon “Bong” Revilla Jr. (P169,141,387.21), Edgardo Angara (P159,092,565.24), Juan Ponce Enrile (P118,626,539) and Sergio Osmeña III (P111,779,000) are not billionaires but their statements of assets, liabilities and net worth (SALNs) reflect their impressive nine-figure net worth.

Senators are required by law to submit their SALN to the Senate secretary on April 30 every year.

When the Senate, sitting as an impeachment court convicted then Chief Justice Renato Corona on May 29, one of the reasons given by many of the senator-judges was his failure to accurately report assets, including real estate, and dollar and peso bank deposits.

SALNs obtained from the Senate secretary showed that all senators have a multimillion-peso net worth.

Sen. Miriam Defensor-Santiago declared a net worth of P77,694,821; Pia Cayetano, P72,958,612.33; Vicente Sotto, P62,220,571.60; Franklin Drilon, P51,754,363,78; Loren Legarda, P45,956,803; Teofisto Guingona, P43,496,472.16; Panfilo Lacson, P28,856,647.46;

Lito Lapid, P26,000,000; Alan Peter Cayetano, P23,308,333; Gregorio Honasan P21,087,050; Aquilino “Koko” Pimentel III, P16,989,225; Francis Pangilinan, P14,375,209.99; Joker Arroyo P11,050,000; Antonio Trillanes, P4,432,000; and Francis Escudero, P4,017,082.09.

Trillanes and Escudero were the first to file their SALN days before the April 30 deadline.

P1 billion in equity

A quick scrutiny of the SALNs filed showed that P1 billion of Villar’s assets comes from “investment(s) in shares of stock” acquired on “various dates.”

Villar listed various real properties with acquisition costs totaling P4,588,619, including a house and lot in BFRV Las Piñas and five lots in southern Metro Manila and Cavite.

Apart from his  equity investments, Villar also declared “personal properties” that he described as “other real and personal properties” worth P438,535,084 but did not give details about these.

His SALN also did not indicate how his wealth increased by around P600 million in one year.

Apart from Villar, Enrile, Honasan, Pimentel, Arroyo and Escudero declared zero liabilities.

Sotto declared the largest amount of liability at P91,814,500.92, including “bank and personal loans and other payables.”

Legarda

Legarda’s SALN drew attention during the last senatorial campaign after a self-styled public interest advocate claimed that she failed to declare an apartment in New York City in her SALN from 2007 to 2010.

Documents provided by businessman Louis Biraogo showed that Legarda bought a 708-square foot single-residential condominium unit on 77 Park Avenue for $700,000 (about P36 million based on the 2006 exchange rate) on May 9, 2006.

But the SALN she filed in 2007, 2008, 2009 and 2010 allegedly did not include the property.

Legarda denied the accusations and played them down as black propaganda meant to dislodge her from the top spot in preelection surveys.

At a press conference, she presented a certification prepared by her lawyers stating that the New York property had been included in her SALN since June 2007.

She noted that in that SALN, she disclosed the property costing P7,175,000 “equal to one-fourth of the total investment in the acquisition of the apartment amounting to P28,700,000.”

“Beginning Dec. 31, 2007 up to Dec. 31, 2010, the same property was also included in the SALN described as ‘Equity in Real Property,’ also one-fourth of the total P28,700,000,” the statement said.

“As of Dec. 31, 2011 and Dec. 31, 2012 the New York property was also included in my SALN described as ‘Real Property-USA,’” it added.

In the column for assets in Legarda’s latest SALN was the residential apartment in “USA,” but the senator wrote “not available” in the subcolumns for “assessed value” and “current fair market value” of this property.

There is a note, however, under this declaration, saying the US property is “co-owned with father and brothers.”

Under the liabilities category, Legarda indicated “equity of co-owners in real property” in describing the nature of her liabilities. She listed “father and brothers” under “name of creditors” and said her “outstanding balance” remained at P21.525 million.

Legarda attached an annex to her SALN where her “personal and other property” were listed.

Totaling P67,481,803, these assets include cash on hand and in banks, a motor vehicle, jewelry, antiques and artworks, investments in shares of stock, receivables from advances, private insurance and “real property-USA.”

Legarda said she had shares of stock in Manila Polo Club (P2 million), Loren Legarda and Associates Inc. (P249,600), Tower Club (P350,000) and Bai-A-Labi Corp. (P622,365).