Philippine basketball

Pacquiao suffers biggest drop in wealth in 2013

Reynaldo Santos Jr

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Pacquiao suffers biggest drop in wealth in 2013
Among other members of the House of Representatives, however, the net worth of Bulacan Representative Jonjon Mendoza jumps by more than 3,000%

MANILA, Philippines – While being the richest House of Representatives member in 2013, based on his latest Statement of Assets, Liabilities, and Net Worth (SALN), boxing champ and Sarangani Representative Manny Pacquiao recorded the biggest drop in wealth compared to 2012.

His net worth of P1.77 billion (US$40 million)* in 2012 dipped to P1.35 billion ($31 million) in 2013. It’s one of the biggest drops among members of Congress who served in the past 2 years.

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A comparison of Pacquiao’s 2012 and 2013 SALNs shows his net worth dropped by around 24%, equivalent to roughly P400 million ($9 million).

  Real Assets Personal Assets Total Assets Liabilities Net Worth
2013 1,109,036,197.00 763,623,500.00 1,872,659,697.00 527,160,122.00 1,345,499,575.00
2012 1,037,909,792.00 990,656,980.00 2,028,566,772.00 258,000,000.00 1,770,566,772.00

The value of Pacquiao’s total assets decreased, despite earning US$20 million (about P875.4 million) from his victory over Timothy Bradley. Forbes said this fight brought his total career earnings to over $300 million.

The Bureau of Internal Revenue (BIR), however, ordered his bank accounts frozen due to an alleged P2.2-billion tax liability, leaving him financially paralyzed. The BIR claimed Pacquiao failed to declare his winnings from his 2008 and 2009 boxing matches in his income tax returns for the same years.

Despite the big drop, he still remains the wealthiest – in fact, the only billionaire – lawmaker in the House of the Representatives.

Pacquiao is one of the 167 incumbent congressmen who had served in the 15th Congress and was re-elected in the present 16th Congress. Among those re-elected, the net worth of 52 congressmen dropped in 2013, including Pacquiao’s.

The biggest loser among these congressmen is Albay 1st district representative Edcel Lagman Jr, whose 2013 net worth dropped by more than 50%.

Big gainers

A majority – 109 representatives, or more than half of the reelectionist congressmen – recorded an increase in their net worth.

The biggest wealth increase was seen by Bulacan 3rd district Representative Jonjon Mendoza, whose wealth rose by more than 3,000% in 2013.

All aspects of his SALN declaration increased:

  Real Assets Personal Assets Total Assets Liabilities Net Worth
2013 11,222,080.00 38,450,000.00 49,672,080.00 23,000,000.00 26,672,080.00
2012 3,300,000.00 5,750,000.00 9,050,000.00 8,200,000.00 850,000.00

Mendoza was even among the top 10 “poorest” congressmen in 2012.

Other congressmen whose net worth increased by more than 100% are:

  • Eric Singson Jr (Ilocos Sur 2nd district) – 355%
  • Mel Senen Sarmiento (Western Samar 1st district) – 210.33%
  • Arlene Bag-Ao (Dinagat Islands lone district) – 159.12%

Also among those who increased their wealth in 2013 is former president and now Pampanga 2nd district Representative Gloria Macapagal Arroyo, whose net worth increased by P16.24 million ($369,090) in 2013.

  Real Assets Personal Assets Total Assets Liabilities Net Worth
2013 75,404,637.00 211,352,788.47 286,757,425.47 150,000,000.00 136,757,425.47
2012 77,912,437.00 192,600,799.70 270,513,236.70 150,000,000.00 120,513,236.70

The value of her total assets slightly increased, pushing the value of her net worth up.

Arroyo was placed under hospital arrest at the Veterans Memorial Medical Center (VMMC) in November 2011 over an electoral sabotage case. Her petition for bail was granted in July 2012 and she was released after paying a P1-million bail.

She was back in VMMC in October 2012 after the Ombudsman filed a plunder charge against her in connection with the alleged misuse of Philippine Charity Sweepstakes Office (PCSO) funds.

Same net worth

At least 7 reelectionist congressmen reported an unchanged net worth in the past 2 years:

  • Giorgidi Aggabao (Isabela 4th district)
  • Rolando Andaya Jr (Camarines Sur 1st district)
  • Franklin Bautista (Davao del Sur 2nd district)
  • Jeffrey Ferrer (Negros Occidental 4th district)
  • Arnulfo Go (Sultan Kudarat 2nd district)
  • Imelda Marcos (Ilocos Norte 2nd district)
  • Emmerenciana de Jesus (GABRIELA partylist)

House Representatives have until April 30 every year to file with the Office of the Secretary General (Sec-Gen) their annual SALNs. Rappler requested copies of the original 2013 SALNs filed by members of Congress, but the Office of the Sec-Gen released only summaries of the SALN declarations on Wednesday, May 28.

After the Corona trial, the House leadership banned the release of SALNs until a new set of rules governing such releases are finalized. Meanwhile, requests could be filed with individual House members and it would be up to them to approve such requests. – with research by Ennah Tolentino/Rappler.com

*US$1 = P44

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