P-Noy explains why he is P4-M richer since becoming President

(SPOT.ph) Now worth almost P55 million, President Noynoy Aquino has become P4.8 million richer since becoming President in June, according to his statement of assets, liabilities and net worth (SALN) for 2010, reports Inquirer.net.

ABS-CBN News quoted Aquino: "’Yong increase of P4 million was from a property owned by my mother and several of her siblings na nabenta recently. So noong dinispose ang portion niya, ’yon ang portion ko naman based on the inheritance." ("Part of the increase came from a property owned by my mother and several of her siblings that was recently sold. I inherited a portion.")

According to ABS-CBN News, the President’s net worth also increased because he sold his stocks worth P4.7 million from eight companies owned by his family, including shares from Central Azucarera de Tarlac which runs Hacienda Luisita. ABS-CBN News reports that government officials are not allowed to hold shares in private companies especially if there is a conflict of interest.

Meanwhile, the worth of the President’s three vehicles-a 2007 Land Cruiser, a 2005 Ford Everest and a "thirdhand" Porsche-decreased from P9 million to P8.7 million, reports ABS-CBN News. 

As for Vice President Jejomar Binay, his 2010 SALN showed that he is worth P58.09 million, down from his net worth of P58.76 million upon assuming the post, reports Inquirer.net.

For more on this story, log on to Inquirer.net and ABS-CBN News.

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