Sereno’s SALN has 2 versions, so what?

Purple S. Romero

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The two versions of the Chief Justice's SALN carry minor differences but both were marked received by the Clerk of Court on the same day and at the same time

CHIEF JUSTICE. P18M -- that's how much Chief Justice Maria Lourdes Sereno is worth.

MANILA, Philippines – For the first time in decades, the Chief Justice begins her term by releasing a copy of her Statement of Assets, Liabilities and Net Worth (SALN). But the release came not without hitches.

Making good on her promise, Chief Justice Maria Lourdes Sereno allowed the High Tribunal’s Clerk of Court to release to the media a copy of her 2011 assets disclosure. 

But Sereno has two versions of her SALN, both marked “received” by the Clerk of Court on the same day and at the same time: 8:25 am on April 27, 2012. When she ordered the release of her SALN on August 27, both copies reached the media, causing confusion over which copy was the right version. 

Why two versions of Sereno’s SALN would be marked received by the Clerk of Court on the same date and the exact minute too, raises questions. 

There are a number of differences between the two copies.

The first copy — released by the Clerk of Court on August 29 — went to Solarnews TV, the first media organization to submit requirements for the request of the justice’s SALN. This version showed Sereno’s net worth at P18,029,575. The copy was signed by Sereno and Deputy Clerk of Court Felipa Anama.

The second copy, released by Sereno’s office a day later, on August 30, showed the Chief Justice’s net worth for 2011 at P17,985,375. This copy was signed by Sereno and her spouse. It was not signed by either the Clerk of Court or her deputy. 

On Friday, August 31, Sereno’s office issued a statement clarifying that the corrected version of her SALN was the one released by the Clerk of Court to Solarnews. The Clerk of Court later released full copies of this version to the media. (See below)

Chief Justice Maria Lourdes Sereno’s SALN for 2011 as released by the Clerk of Court on August 31

(Below is the SALN version released by the office of the Chief Justice, which Sereno, in a later statement, said is not the correct version.) 

Copy of Chief Justice Maria Lourdes Sereno’s SALN for 2011 as released by the Office of the Chief Justice

What’s the fuss about seemingly minor corrections such as these?

First, this is the first SALN that Sereno has released to the public. (Sereno was appointed associate justice in 2010. This means she should have filed 3 SALNs with the Clerk of Court by now, namely: first, her wealth status at the time she was appointed justice; second, her wealth as of Dec 31, 2010; and third, her wealth as of December 2011.)

Sereno previously authorized the Clerk of Court to disclose to Rappler her wealth as of end of 2010. However, this was in the form of a summary where she declared a net worth of P17,762,167. The copy released by the Court did not include details on the specific assets Sereno owned.

Second, the Chief Justice’s first SALN serves as a baseline upon which future wealth acquisitions are compared against, studied, or understood.

Finally, Sereno’s predecessor, Renato Corona, was removed from office for failure to properly declare his wealth. During his stint at the High Court, Corona and his family accumulated a number of assets, tripling his total wealth. 

The SALN may be amended, following Republic Act 6713 or the Code of Conduct and Ethical Standards.

This was a point raised during the impeachment trial of Corona. When it was pointed out that he should have declared the acquisiton value of his properties, his lawyers argued the SALN can always be amended or corrected. Corona eventually amended his 2011 SALN. 

Baseline for future asset acquisitions

An amended version, however, would usually have a different date and time stamp.  

The High Court’s Public Information Office deferred to Sereno’s office for an explanation on the matter. The Office of the Chief Justice, however, has yet to respond to Rappler’s inquiry regarding this issue. Rappler also texted Sereno’s mobile phone but has gotten no response on the matter.

An insider at the Office of the Clerk of Court, who asked not to be named, pointed out that the version released by Sereno’s office does not yet have the Clerk of Court’s signature.

Without the signature, the source said, the document is not deemed filed yet, even though it was stamped received by the Clerk of Court’s office. “Sereno could have asked for it back, corrected it, and then returned it to the Clerk of Court,” the source said. “That’s when administering officer signed it.”

Differences between the 2 versions

Sereno’s net worth in the version she released on August 31 is only slightly higher at P18,029,575 compared to the one released by her office on August 30 — a difference of P44,200. 

The amended version released by the Clerk of Court to the media on August 31 lists more assets and details them further. Key differences below:

  • Stocks declared in the amended version are worth P2.23 million, slightly higher than the P1.64 million she declared in the earlier version 
  • In the amended version, she included books and jewelry worth P300,000; appliances, computers, furniture and fixtures worth P1 million; and clothes, shoes, utensils, gadgets and other properties worth P350,000
  • In the amended version, Sereno said her Davao property was acquired for P600,000. The version her office released said she bought it for P1.8 million.

Other earnings, stocks

In a statement also issued on August 31, Sereno said her assets include “savings left from the legal fees paid [to her] by the government” as part of the legal team that handled an airport case against the Philippine International Airport Terminals Company (Piatco).

Sereno declared her and her husband’s business interests in both versions of her SALN. She said she has stocks worth P1,644,946 and investments worth P1,203,400. 

Sereno said she was a stockholder in Accesslaw from 2000-2002. The Philippine Center for Investigative Journalism (PCIJ) reported that according to the General Information Sheet of Accesslaw in 2012, Sereno still has 15,840 shares or 27.55% of total common shares in the company, which are worth P1.584-M.  

In both versions of her SALN, Sereno was also a minor stockholder in PLDT before 2000. She and her husband Mario Jose were also minority shareholders in Manulife before 2000. In addition, Mario Jose was also a minority shareholder in the following companies according to both versions of Sereno’s SALN:

  • Chemrez tech (2006-2008)
  • Petrochem, SUDECO, RFM, Seaport and Uniwide  (before 2000)

While Sereno declared she was a stockholder in Accesslaw, PCIJ — citing records obtained from the Securities and Exchange Commission — reported that a certain “Maria Lourdes Sereno” is still listed as either a board member, incorporator or stockholder also of SMETRIX Inc, and MRM Studios Inc.

Properties and liabilties

In both versions of her SALN, the Chief Justice declared 3 houses and lots —  one in Filinvest East, one in Cavite, and another in Davao. She also has another lot in Filinvest, and memorial lots in Cavite. 

The acquisition cost and current fair market of the house and lots are as follows:

  • Filinvest East – P4.5-M (Acquisition cost)/ P6-M (Fair market value)  
  • Cavite – P1.375 million (Acquisition cost — P671, 500 plus improvements worth P350,000)/ P1.37-M (Fair market value) 
  • Lot in Cavite – P2.1-M (Acquistion cost in 2011)
  • Memorial lots – P60,000

Her real estate properties in the amended SALN are worth P8,281,500; in the earlier SALN, they were worth P10,481,500.

Sereno also declared P10.9-M worth of vehicles, cash in bank and investments in the amended SALN. She has a Toyota Altis (worth P760,000), a Toyota Corolla (worth P320,000) and a Mitsubishi Lancer (P95,000). Her cash in bank is P1,185,602, while she has investments worth P1.3-M.

In the earlier SALN, she declared she has receivables of P3,537,130. She also declared P8,475,078 in personal and other properties. 

Meanwhile, under liabilities, she declared credit card billings worth P125,511, payables worth P116,692 and a P1-M loan from BPI Family Bank.

In both versions of her SALN, she listed P1,242,403 in liabilities. 

Sereno was appointed chief justice on Aug 24, 2012. Under the law, she is required to file another asset declaration within 30 days after the new appointment.

The 52-year-old Sereno will retire only in 2030, when she reaches the mandatory retirement age of 70. She will be sitting as chief justice for 18 years. – Rappler.com with a report from Rey Santos & Gemma Bagayaua Mendoza

 

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