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Duterte’s net worth rose by P1.35M in 2014

By MindaNews

| July 8, 2015 - 5:08 pm

DAVAO CITY (MindaNews / 8 July) – Mayor Rodrigo Duterte’s net worth grew by P1.35 million last year, his Statement of Assets, Liabilities and Net worth (SALN) showed.

Duterte, in his sworn SALN, declared assets worth P22,971,732.62 for 2014 while his liabilities remained at P1 million. This figure is higher than the P21,618,289.73 total assets he declared for 2013.

Meanwhile, his son Paolo, the vice mayor, only had a P100,000 increase in his net worth with assets totalling P24.287 million.

The growth in Mayor Duterte’s wealth largely came from more cash on hand and in banks which added up to P13,846,732.62 for the year 2014. He declared cash amounting to P12,993,289.[]/a> with |||

7million the previous year. As of last year, he owed debts to creditors Jaime Uy Jr., Philippines Savings Bank and Nestor Du Ma as he managed to have personal loan and home credit line.

This attributed on why Duterte’s net worth, which is composed of total assets less liabilities, was only P17.

287 million last year, which is just P100,000 higher than the previous year.

Paolo was formerly barangay chairman of Catalunan Grande and president of ABC. When he was still the association’s representative to the city council, he was considered as the richest lawmaker with net worth of P20.4 mi
llion as of 2012 based on records from Sangguniang Panlungsod.

The younger Duterte also managed to have business interests such as serving as incorporator of Grand MD Business Development Corp. since 2007, shareholder of Jolly General Foods Corp. in 2007 and stockholder of Server Cuisine Corp., which is based in Sta. Rosa, Laguna, in 2006.

He likewise became proprietor of a boarding house in 2009, incorporator of Manila-based Chinese Gen Bee Foods Corp. in 2013, proprietor of Long Water and Long Tuna in 2014.