Manila: Malaca±ang announced that President Ferdinand R. Marcos Jr. included a professional appraisal in his Statement of Assets, Liabilities, and Net Worth (SALN) to provide a clearer picture of the current value of his properties.
According to Philippines News Agency, during a Palace briefing, Presidential Communications Office Undersecretary Claire Castro explained why Cuervo Appraisers Inc. was chosen to assess the President’s properties. Castro emphasized the importance of transparency in presenting the updated values of properties to the public, suggesting that knowing the current worth offers better insight into the President’s holdings.
Castro noted that updating the asset values allows the public to understand their worth today, highlighting the need to declare these values for properties acquired in the past. An ‘appraised’ value refers to a professional estimate of a property’s current worth, determined by market conditions and conducted by a qualified appraiser.
Official SALN rules primarily require government officials to report the acquisition cost, or the original amount paid when the property was purchased, for most assets, including real property. However, officials may also include a separate professional appraisal to indicate the current fair market value of their properties.
Castro’s clarification followed Akbayan party-list’s release of digital copies of the SALNs of Marcos, Vice President Sara Duterte, former President Rodrigo Duterte, and former Ombudsman Samuel Martires. This move came amid increasing calls for transparency following corruption allegations involving various agencies.
In his December 31, 2024, SALN, Marcos declared PHP389.36 million in total assets, including PHP247.33 million in personal properties and PHP142.02 million in real properties. The attached Cuervo appraisal assessed the current market value of his assets at PHP1.375 billion. Marcos’ declared net worth was PHP371.49 million in 2022 and PHP381.44 million in 2023, while his appraised asset values were PHP960.7 million in 2022 and PHP1.157 billion in 2023.
