by MLC | Feb 25, 2015 | News
By Reynaldo Santos
Source: Rappler.com
How much is Senator Bongbong Marcos worth?
MANILA, Philippines – Mirroring his father’s time when the country’s economy was sinking while the family’s wealth was shooting over the roof, Senator Ferdinand “Bongbong” Marcos Jr’s wealth continues to rise even as his family businesses are operating at a loss.
By the time the Marcoses abruptly went into exile in 1986, the national treasury was bankrupt and the economy was in shambles. Yet while the late strongman was in power, they reportedly acquired between $5 billion to $10 billion in ill-gotten wealth stashed in secret bank deposits and hidden by relatives and cronies.
With a declared net worth of only P600,000 in 1992 after securing a seat in the House of Representatives for the 2nd district of Ilocos Norte, the 57-year-old Marcos scion’s net worth has jumped to P197.47 million or P441.997 million, depending on the basis of the computation in his Statement of Assets, Liabilities and Net Worth.
Whichever computation is used, he remains the third richest senator, following Senators Ralph Recto and Cynthia Villar. (The 2014 SALN is not yet available as the deadline for the submission is on April 30, 2015).
Whichever computation is used, he remains the third richest senator, following Senators Ralph Recto and Cynthia Villar. (The 2014 SALN is not yet available as the deadline for the submission is on April 30, 2015).
But this distinction blurs the fact that as a business owner, Marcos gets a failing mark. One family business apparently folded up after incurring successive yearly losses.
How much is Marcos really worth?
Based on Civil Service Commission Resolution No. 1300174 issued in January 2013, the declarants should declare the value of their properties based on the tax declaration. But Marcos went beyond this basic requirement.
In his SALN, Marcos makes a distinction between his net worth based on the tax declaration of real property versus the appraisal report of reputable appraisal firm, Cuervo Appraisers.
The result was two SALN reports of his net worth.
| Year |
Net worth |
| 2013 |
P441.997 million
(P197.47 million, if value of real properties is based on tax declaration) |
| 2012 |
P437.238 million |
| 2011 |
P346.39 million |
| 2010 |
P311.5 million |
| 2009 |
P315.55 million |
| 2008 |
P179.98 million |
In a note in his 2013 SALN, Marcos said he has been reporting the value of his properties based on the Cuervo appraisal from 1997 to 2012 which could explain his high net worth.
Regardless of the differing computations, the fact remains that at any given year, Marcos’ wealth is under-reported or under-declared, as the senator himself insists.
Marcos has indicated in previous SALNs that his wealth declaration “excludes interest as a compulsory heir of father” for which inheritance is “still un-determined as of this date.”
He could be referring to the court cases involving sequestration of the family’s ill-gotten wealth and their effort to reach a compromise agreement with government.
Apart from criminal cases resulting from the ill-gotten wealth, the Marcoses are also battling forfeiture of their alleged lawfully acquired assets.
The Cabuyao property is a case in point.
Five years ago, the Marcos family recovered ownership of a 25-hectare property in Cabuyao, Laguna after the Sandiganbayan ruled that the questioned property should be returned to the Marcoses.
The property was sequestered by the government as alleged part of the Marcoses’ ill-gotten wealth.
The 3 Marcos children however argued that the Cabuyao property was not part of the list of assets that the government had sought to recover from the Marcos family. The property was supposedly purchased in 1978 in the amount of P100,849.20.
In January 2010, the anti-graft court, in a resolution, ruled in favor of the Marcoses.
Based on the Cuervo appraisal, the Cabuyao property has fair market value of P622.574 million. From this property alone, Marcos stood to gain P207.524 million as part of his one-third share in the property.
Other properties
Another example is the 57-hectare Paoay property, which Marcos also sought to reclaim. The Sandiganbayan however junked Marcos’ petition last year.
In any case, Marcos has officially declared so far 10 real properties, 7 of which are residential in nature. His personal properties consist of shares of stock worth P23.6 million; a collection of paintings worth P17.6 million; jewelry worth P15 million and a fleet of vehicles.
His cash on hand and in banks stood at a healthy P8 million
Other business interests
While his SALN shows an ever-expanding wealth, disclosures about his business tell a starkly different story.
In his previous SALNs, Marcos declared business interests in 3 companies which he and his wife Louise owned. These were the Augustus Management Inc, Beldevere Manpower Inc, and NIV Property Holding Inc. All 3 companies were put up in 2002.
A fourth one, the law firm MOST (Marcos, Ochoa, Serapio, Tan), where his wife is a founding partner, was added in 2010.
A check on the financial statements of the 3 companies showed these had been operating in the red.
Beldevere’s available FS from 2003 to 2007 showed it operated on a net income loss. This company apparently had folded up. In his 2010 SALN, Beldevere was no longer on the list.
Augustus Management, on the other hand, reported positive net income from 2005 to 2007. However, by 2011, it was already bleeding and in 2012, the company reported a net loss of P2.211 million.
NIV Property, for its part, reported a net loss of P5 million in 2008; P4.9 million net loss in 2009, and P7 million net loss in 2010. There are no available financial statements from 2011 to 2014.
In his latest SALN, the Marcoses had set up a new holding company , SASIVI Holding Inc. It has yet to submit its FS to the Securities and Exchange Commission.
by MLC | Feb 24, 2015 | News
Source: Rappler.com
The senator says he got a ‘diploma’ in political science which is different from a degree. His name does not appear in the Oxford class lists which contain names of students awarded their degrees and qualified for honors.
ACCURATE. Senator Bongbong Marcos says that his educational record is accurate. File photo by Senate PRIB, Cesar Tomambo
MANILA, Philippines – Senator Ferdinand “Bongbong” Marcos Jr responded to a Rappler report which questioned his schooling at the University of Oxford and the Wharton School of the University of Pennsylvania.
In a statement released on Tuesday, February 24, Marcos said that his educational record, as posted in the Senate website and his official website, is “accurate.”
“I earned a diploma in political science at St. Edmund Hall, Oxford University in England in 1978,” said Marcos.
The Rappler story said that at Oxford, Marcos Jr indeed attended St Edmund Hall, one of its colleges, starting October 1975. The university’s 1977-1978 calendar, however, which contains the names of all those sitting for their final exams in each subject, does not include him. The calendar, which is filed at the University’s Bodleian Library, is accessible to the public.
One of Rappler’s sources who was in Oxford at the same time that Marcos Jr was in 1975, said it is “possible that he might have received a face-saving diploma, which is not the degree that he claims.” A diploma in political science is different from a bachelor degree.
All Oxford students awarded their degrees and qualified for honors at the end of an academic year are included in the class lists of the university calendar. Marcos Jr’s name does not appear in the class lists or rolls of students who successfully completed their degrees.
His resumé posted on the Senate website indicates he got a Bachelor of Arts degree from Oxford and a Masters in Business from the Wharton School of Business at the University of Pennsylvania which he attended from 1979-1981. As it turns out, he did not complete the course at Wharton and failed to get his MBA degree.
That much he admitted in his statement: “I thereafter did post-graduate studies at the Wharton Business School, University of Pennsylvania, USA, taking up Masters in Business Administration. I was, however, unable to complete the course because I was elected Vice Governor of Ilocos Norte, and had to return home to serve my provincemates (1980-1983),” Marcos added.
On Tuesday, Rappler ran an exclusive report that fact-checked Marcos’ educational attainment overseas. Repeated attempts were made to get his side but he declined requests to be interviewed.
According to the report, Oxford University and Wharton School records do not show any Ferdinand Marcos Jr in their lists of graduates.
by MLC | Nov 18, 2014 | News
Source: Rappler.com
A staff member of Mrs Marcos however says the paintings are mere copies of the originals
WEEPING IMELDA. Ilocos Norte Representative Imelda R. Marcos tears up during the one-year anniversary of Super Typhoon Yolanda in Leyte. EPA file photo
MANILA, Philippines – Nine more paintings were found by sheriffs of the anti-graft court Sandiganbayan at the office of Ilocos Norte Representative Imelda R. Marcos.
The works of art were listed in the writ of attachment issued on September 29 by the First Division of the Sandiganbayan.
The sheriffs identified the 9 as follows:
- “Madonna and Child” by Michelangelo Buonarotti
- “Vase of Red Chrysanthemums” by Bernard Buffet
- “Still Life with Idol” by Paul Gaugin
- “L’ Aube” by Joan Miro
- “Femme Cauchee VI” by Pablo Picasso
- “Jardin de Kew Prés de la Serre, 1892” by Camille Pissarro
- “La Baignade au Grand Lemps” by Pierre Bonnard
- “Picnic (Grandma Moses) 1959” by Anne Mary Robertson
- “Moon Madness 1982” by Andrew Wyeth
A staff member of Mrs Marcos however said they were mere copies of the originals.
According to the testimony of Presidential Commission on Good Government Commissioner Ma. Ngina Teresa Chan-Gonzaga before the Sandiganbayan, Michelangelo’s Madonna and Child is the most valuable among the artworks. Said to have been acquired in July 1983 for US$3.5 million, it was paid for in 1983 in 3 installments of $1 million each and a final payment of $500,000. The final payment was made on December 27, 1983.
Chan-Gonzaga’s testimony became the basis of the writs issued by the Sandiganbayan.
According to the notes of Marcos aide Fe Roa Gimenez, the 4 payments were allegedly made to the wife of an Italian art dealer Mario Bellini, Adriana.
Gaugin’s “Still Life with Idol” was reportedly acquired for $1,000,500, while Pissarro’s work was bought for $420,000.
Stopped
In a report dated October 9, 2014, but submitted to the Sandiganbayan October 15, 2014, court officers led by Albert dela Cruz said they were not allowed by the congressional staff of Marcos to bring the paintings. They were told that clearance from the House Speaker was needed and that Congress was in recess.
Furthermore, the staff insisted that “the canvas used in the artworks was tarpaulin and not the typical canvas that painters use to paint on.”
Nevertheless, in the presence of the House legal officer and with the help of the Office of the Solicitor General and PCGG representatitves, Sheriff Romulo Barrozo placed the 9 paintings under custodia legis by signing the back of each one and serving a duplicate copy of the writ on Filadelfo “Bebot” Diaz, chief of staff of Marcos.
This serves notice that the paintings were already effectively covered by the order of attachment and cannot be transferred without the approval of the Sandiganbayan First Division.
The PCGG, according to Chan-Gonzaga, is still trying to trace the whereabouts of 156 paintings that were reportedly acquired by the Marcoses when the dictator was still in power.
Last September 30, court sheriffs seized 15 artworks from the Marcos residence on Don Mariano Marcos Street corner P. Guevarra Street in San Juan City.
The 15 paintings, which included 3 pieces of Madonna and Child by Michelangelo Buenarroti, were brought to the cash department of the Bangko Sentral ng Pilipinas for preservation and safekeeping.
The Marcoses have argued that the court does not have basis to confiscate the paintings since the case upon which the forfeiture order was based had already been terminated.
by MLC | Aug 14, 2014 | News
By ALG
Source: GMA News
The Catholic Educational Association of the Philippines (CEAP) has urged President Rodrigo Duterte to grant the deathbed wish of former President Ferdinand Marcos to be buried next to her mother’s grave in Ilocos Norte.
“At his deathbed, Mr. Marcos himself asked that he be buried next to his mother in Ilocos, where he is revered and loved,” the CEAP said in a statement
The CEAP added: “Fulfilling Mr. Marcos’s deathbed wish will give us all the unity and closure that this country desperately needs.”
The group, which expressed opposition against Duterte’s decision to allow the hero’s burial for Marcos, said that granting the late president’s wish will also bring “a final measure of justice, justice due decades-long after the dark chapter of our history under dictatorial rule.”
It reiterated that Marcos should not be buried at the Libingan ng mga Bayani, which is “a national shrine for heroic Filipinos who have rendered great service and sacrifice for the nation.”
The group also asked Duterte to fulfill his promise of unity and healing.
“President Rody, we ask nothing that you have not already promised. Justice. Unity. Healing. A better Philippines as envisioned by the thousands who gave the ultimate sacrifice to restore the freedoms that we now enjoy. President Rody, we ask that you heal this festering wound. Let this be your legacy. Please do not allow the burial of Mr. Marcos at the Libingan ng mga Bayani.”
by MLC | May 19, 2014 | News
By KBK
Source: GMA News
Exactly a week after the processing of application started, only 128 of the estimated 10,000 Martial Law victims have so far filed for compensation.
Noting that the claimants only have until November 10 this year to file their applications, Lina Sarmiento, chief of the Human Rights Victims Claims Board (HRVCB), advised the victims against last-minute filing.
“We are asking the victims and their families to file their applications as early as possible,” Sarmiento said Monday. “Don’t wait for the deadline.”
Sarmiento said failure of the victims to file claims during the six-month period, as stipulated in Republic Act 10368, will be considered a waiver.
“We would like to reiterate that all victims of martial law have to apply in person, including those conclusively presumed as human rights violations victims (HRVVs) so that the Claims Board will be able to determine the kind of human rights violations and determine appropriate awards, as provided by RA 10368,” said Sarmiento.
Smooth so far
The HRVCB opened its office at the E. Virata Hall in UP Diliman last Monday for the filing of applications for recognition and reparations to the Human Rights Victims’ Claims Board.
Sarmiento said the process has so far been smooth.
“The process of applications went smoothly, without a glitch so far—from the submission of applications, scanning of documents and giving of acknowledgment receipts,” she said.
Aside from those who applications were received, several others were asked to complete the necessary documents.
Assistance guaranteed
“As much as possible, we do not want the victims to face difficulties,” Sarmiento said as she promised assistance to senior citizens and disabled claimants.”
“The Human Rights Victims’ Claims Board and the staff prepared very well for the process so that we can be of service to the victims,” she said.
Sarmiento said the applicants had come from as far as the USA, CARAGA, Samar, Batangas, Mindanao, Bicol and many areas of Metro Manila.
To further expedite the filing of application, Sarmeinto said they will open offices in some provinces.
RA 10368 recognized as conclusively presumed human rights violations victims (HRVVs) the class suit and direct action plaintiffs of cases filed in Honolulu and other US courts against the late President Ferdinand Marcos, and those recognized by the Bantayog ng mga Bayani.
The Claims Board said it can render motu proprio recognition to some victims of martial law through judicial notice.
by MLC | May 8, 2014 | News
By Rouchelle R. Dinglasan
Source: GMA News
The HRVCB press conference. Photos by Rouchelle R. Dinglasan
(Updated 7:29 p.m.) People who suffered human rights abuses during the Marcos dictatorship starting from the imposition of Martial Law onwards may begin filing their compensation claims at the Human Rights Victims’ Claims Board next week.
“The Human Rights Victims’ Claims Board is prepared and ready to accept claims for reparations and recognition from victims of human rights abuses during Martial Law starting May 12, 2014,” HRVCB chairperson Lina Sarmiento told reporters in a press conference on Thursday.
“All victims of Martial Law must personally file their claim with the HRVCB. For those who were killed, died or incapacitated, their legal heir or authorized representative may file it for them,” she noted.
The six-month claims application period ends on November 10, 2014. No fee will be required to file the claim, but applying in person is mandatory.
The nine-member board expects to receive at least 20,000 claims for a portion of the P10-billion reparation fund indicated under Republic Act 10368, or the Human Rights Victims Reparation and Recognition Act of 2013.
President Benigno S.C. Aquino signed the law last year during the anniversary of the EDSA Revolution.
Two-year schedule
Under the law, the Claims Board has two years, or until May 12, 2016, to disburse the payouts.
In determining the amount of compensation to be given to each claim, the board will follow a points system specified under the law.
Claims board chairperson Lina Sarmiento
After evaluating all the applications, the board will release a preliminary list of beneficiaries. Those beneficiaries whose claims were opposed will be subjected to another evaluation. Finally, the board will come up with the final list of beneficiaries.
In a separate interview, lawyer and HRVCB member Chito Gascon disclosed that the agency’s target to begin the monetary payout will be on December 10, 2015, or International Human Rights Day.
Sarmiento also said that the documents to be submitted by the claimants will be endorsed to the Memorial Commission, which is tasked to establish a memorial museum and library on human rights abuses and victims under the Marcos dictatorship.
Next week, the Claims Board will release the schedule and the list of towns where its mobile offices will be located.
Applicants warned of fraud
Currently, application forms are available for free at the Institute of Small Scale Industries at the University of the Philippines-Diliman, Quezon City.
Applicants may contact the Claims Board at 0999-5059737 or [email protected].
Board member Jacqueline Mejia warned the public of scammers who might provide claimants with fake application forms or try to take their money.
“Tulungan niyo po kaming ipalaganap sa claimants na huwag basta papayag na mapagsamantalahan,” she said at the same press conference.
The board also warned that under the law, false claimants may face penalties such as eight to 10 years’ jail time, disqualification from public office and employment, and deprivation of the right to vote.
