PNoy's wealth up P4M since June

By Willard Cheng, ABS-CBN News

Posted at May 09 2011 08:04 PM | Updated as of May 10 2011 03:38 PM

MANILA, Philippines - The President has a monthly basic salary of P95,000, or P63,000 after tax and other deductions.

In a year, President Aquino's income has reached P1.2 million.

Since assuming office on June 30, 2010, President Aquino’s wealth grew by P4 million, according to his latest Statement of Assets, Liabilities and Net Worth (SALN).

From P50.1 million when he became president, his net worth rose to P54.9 million, as of December 31, 2010.

The President earned from proceeds of a residential lot in Antipolo sold by the Cojuangco family. Hence, the real estate property listed in 2010 had receivables worth P17 million.

The President's cash also grew, after selling P4.7 million worth of shares in 8 companies owned his family, including shares of stock in Central Azucarera de Tarlac that runs the family's sugar estate, Hacienda Luisita.

Presidential spokesperson Edwin Lacierda said the President deemed it proper to fully divest his shares, in compliance with the Constitution and the code of conduct barring public officials from engaging in private businesses, whether or not there is conflict of interest.

The president still owns a residential lot in Tarlac, 2 agricultural lands in Tarlac City and Capas, an inherited commercial lot in San Juan, and the house and lot on Times Street he inherited from his mother, worth P13.7 million.

From P9 million, the President's vehicles are now valued at P8.7 million.

The president earlier said he owns three vehicles: a 2007 Toyota Land Cruiser that he has used since he was a senator, a 2005 Ford Everest, and a Porsche which he bought after selling a BMW SUV.

The President's only listed liability: income tax worth P229,000, which according to Lacierda, the President already paid to the Bureau of Internal Revenue (BIR) last April.