Nothing fishy about wealth, Arroyo is transparent - Palace

Instead of being criticized, Gloria Macapagal Arroyo should be commended for her transparency on her increasing wealth. This was how Malacañang defended the President, dismissing insinuations that her net worth had more than doubled while in office through questionable means. “Walang problema ‘yan. On the other hand, nagpapakita ‘yan na transparent si Pangulong Gloria dahil nag-report siya na umangat ang income niya," said Press Secretary Cerge Remonde in an interview on dzXL radio. Remonde said the sudden increase in Mrs. Arroyo’s wealth was mainly due to the investments that she and husband Jose Miguel Arroyo made in the real estate business. “Isa sa nagpalaki…ang real estate property. Alam natin in the last 10 years or so malaki talaga ang pag-akyat ng value ng property sa ating bansa. At alam ng lahat ang pamilya ng FG (Arroyo’s husband) belongs to the landed gentry. So isa yan sa rason bakit malaki ang angat ng kanilang asset dahil nga sa appreciation ng value ng real estate," said Remonde. (One reason for that is real estate property. In the last 10 years or so, real estate prices have soared. And everybody knows that the family of the Fist Gentleman belongs to the landed gentry.)

The Philippine Center for Investigative Journalism (PCIJ) reported that based on Mrs. Arroyo Statements of Assets, Liabilities, and Net Worth (SALN), her declared wealth grew faster, and by amounts, much bigger than the combined growth in the declared wealth of three presidents before her. PCIJ said that in her eight years in office, Mrs. Arroyo’s declared net worth more than doubled (pegged only on the book or acquisition value of her assets), from P66.8 million in 2001 to P143.54 million in 2008. The increase of P76.74 million represents a growth rate of 114 percent.(See: Arroyo got rich faster than Aquino, Ramos, Estrada) Her net worth in 1992 was only P6.73 million; for eight years before the presidency, her wealth grew by a heftier P60.07 million or a rise of 890 percent. Since she got into Malacañang in 2001, Arroyo added P10.97 million to her net worth year on year on average, or 20 times more than her lawful gross salary as president of only P45,000 a month. If various allowances are thrown in, her monthly pay would total at most P100,000 or P1.2 million a year before tax. Yet even then, this represents only 10 percent of the P10.97-million average annual increase in Arroyo’s net worth since 2001. Arroyo’s SALNs, however, offer few clues on how she raised the big difference, or whether she has other lawful sources of income, according to the PCIJ. Ruy Alberto Rondain, the Arroyo couple’s counsel, substantiated Remonde’s statement, saying Mrs. Arroyo’s wealth grew because she bought stocks using the proceeds from the sale of her property in Bulacan province. Based on PCIJ’s research, Arroyo sold her agricultural lot in San Rafael, Bulacan, signing with her husband the deed of sale on Dec. 23, 2008. Arroyo said she acquired the 2.9-hectare agricultural lot in 1995 for P1.2 million, but said its fair market value by 2007 was only P4.7 million. This is based on her SALNs. In the deed of sale, the First Gentleman said he bought the land in 1996 for only. P100,000. The Arroyos sold the lot for P41.5 million, or nearly 10 times more than the declared fair market value of the lot nestled in the foothills of the Sierra Madre. “Tumaas ‘yung stocks kasi nag-acquire ng additional stocks using the proceeds of the Bulacan property (The stocks increased because additional stocks were acquired using the proceeds of the Bulacan property)," said Rondain in a report by GMA Network’s 24 Oras on Monday. However, Rondain did not give details on where President Arroyo invested her money. He said the details about the chief executive’s investments were not reflected on her SALNs because “meron nang record sa (there was already record at the) PSE (Philippine Stock Exchange)." “If you play the market…meron naman doon na purchase and order record (If you play the market…there’s purchase and order record there)," said Rondain, adding that Mrs. Arroyo’s SALN’s were “made under oath" and were thus “accurate." Romulo Macalintal, another Arroyo counsel, said the President “is ready to answer" because “she has nothing to hide." - GMANews.TV