Why Mikey became rich, from zero in 1992 to P99.25M in 2008?
By JANET REBUSIO
DID politics enrich Pampanga Rep. Juan Miguel “Mikey” Arroyo?
Despite his explanation in print and on air that he can afford to buy a house in the US worth 63.7 million pesos, the public’s demand for truth from the President’s son continues.
It is more than what meets the eye, following the discovery that 17 years ago, or in 1992, his Sworn Statement of Assets, Liabilities and Networth (SSALN) showed that the young Arroyo had “zero” asset in his name.
He had to file the document as required by law for his employment at the office of his mother Gloria Macapagal Arroyo serving at the Department of Trade and Industry (DTI).
The following year, however, there was a declaration of P50,000 total net worth and a gain of P270,000 in 1994, giving the Pampanga representative a P320,000 net worth. From Dec 1995 to Dec 2000, or a span of 5 years, no SALN was submitted for Mikey was in the United States for his study.
It is noteworthy though that upon his assumption as vice governor of Pampanga in 2001, Arroyo’s SALN, indicated P5.72 million from his personal assets and no real properties. These assets would have been gained in his only 6 months as public servant. The SSALN for 2003 was yet to be found.
In July 2004, shortly following his election to the Congress, Arroyo declared in his SALN real properties worth P4 million and personal assets of P70.44 million, giving him a total net worth of P74.4million. For the first time in his SALN, he listed P4-million in real property, meaning he had acquired such during his tenure as Pampanga congressman.
In Dec of the same year, Arroyo’s real properties rose to P12 million or an increase of P8 million from the preceding year’s P4 million. His personal assets, however, decreased from P70.44 million to P64.53 million, giving him a total net worth of P76.53, still an increase of a little over P2 million.
In Dec 2005, for the first time, Arroyo declared P61.8 million in liabilities. But his real properties rose to P76.5 million. There was a slight reduction of his personal assets. His net was P76.95 million, or a gain of only P420,000. It was during this time when he bought several real properties that include condominiums. He claimed he sold the same.
In Dec 2006, Arroyo’s real property rose to P90.72 million and personal assets to P77.25 million, or P15 million more than the previous record giving him a total of P167.97 million against liabilities worth P78.37 million. The balance of which gave him P89.60 million net worth. This year, he recorded the purchase of the controversial mansion at 1655 Beach Park Blvd., Foster City, San Mateo County in California, USA. Arroyo’s declaration of the US property did not specify the location or the kind of property.
In July 2007, his real property declaration drastically dropped to P27 million, representing only his four real properties in the Philippines and the US property was no longer reflected. His personal wealth, however, jumped to P115.88 million and the listed liabilities were worth P49.77 million, giving him a total net worth of P93.11 million. The personal properties included cash on hand, cash in bank, pieces of jewelry and clothes.
It is noteworthy also that in Dec 2007, his real property remained steady at P27 million. The amount was a huge drop from his previous year’s record. But there was also a surprising increase in his personal assets at P127.97 million. Arroyo listed P58.22 million in liabilities, giving him a total of P96.75 million net worth, a little over P3 million more than in 2006. It was also in 2007 when he declared shares of stocks of around P25 million, listing these under personal properties.
Despite the young Arroyo’s defense that the Foster City property was used as a capital for the incorporation of Beach Way Park LLC (Limited Liability Corporation), it should show that the value of the house converted to shares of stocks, the deducted amount from his real property should be equal to the amount of increase in his personal property following the conversion.
Arroyo failed to declare the details on how his US real property was delisted from his 2007 SALN and how the incorporation of Beach Way Park LLC was conducted. He also did not identify the incorporators behind, thus eliciting criticisms from the viewers of GMA-7’s Unang Hirit’ when he was interviewed by the feisty economist TV host Winnie Monsod under Arnold Clavio’s segment, ‘One-on- One with Igan.’
Under the Philippines’ Family Code, in the absence of a pre-nuptial agreement stipulating that the spouses shall live under a completely separate property, it is generally presumed to be conjugal or in community property of the wife and husband. Under this term, Mikey should declare the property of his wife Angela as it also belongs to him in the contemplation of the law.
For the third consecutive year in 2008, Arroyo’s real property remained at P27 million. His personal assets increased to P129.12 million and his liabilities were pegged at P56.87 million or a total of P99.25 million net worth.
Last Thursday, a militant group filed raps against Arroyo for his failure to declare the US property worth P64 million in his SALN. But with the latest discovery of his non-filing of SALN in various years and failure to detail how he acquired his controversial personal and real property assets during his stint as Pampanga vice-governor and later as congressman, he has a lot of explaining to do.
The law dictates that Arroyo should have declared all his assets, donations, gifts, etc. following his marriage to Angela Montenegro on June 24, 2002 based on his declaration that his wife had likewise enriched him.
Montenegro, his second cousin is a resident of Forbes Park, a posh Makati City village. Can Congressman Mikey explain why he became rich from ZERO to P99.25 million?
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