Senator Ferdinand Marcos Jr. was reported recently having a net worth of P437,218,376.18 for the year 2012, making him the richest among the seven senators that submitted their Statement of Assets, Liabilities and Net Worth (SALNs) for 2012.
Aside from Marcos, the other senators who submitted their SALNs are Sergio Osmeña III, Teofisto L. Guingona III, Francis Escudero, Ramon “Bong” Revilla Jr., Antonio Trillanes and Panfilo M. Lacson. The SALNs of other Senators will be made public 10 days after the April 30 deadline for the filing of the SALNs with the Civil Service Commission (CSC).
The son and namesake of the late President Ferdinand Marcos’ 2012 SALNs listed his personal properties amounting to P167,793,262.35 and real properties worth P303, 531,886. The total of these two listings is P471,325,148.35.But his networth amounted to P437,218,376.18 after deducting his total liabilities at P34,106,772.17 million.
Marcos’ net worth increased by P72.85 million compared to his net worth in 2011, which has a total of P364.39 million. His total yearly networth starting from 2008 were P179.98 million; P315.5 million in 2009; and P311.5 million in 2010.
According to him, the increase is due to the results of the issues raised in Senate impeachment proceedings against then Supreme Court Chief Justice Renato C. Corona last year.
And also, it was based in the guidelines in CSC Resolution no. 1300174 which are the acquisition cost of the various properties have been included; various real estate investments have been included (even if the same are still untitled or under construction), the various paintings belonging to the declarant have been itemized and appraised, the declarant’s spouse signed the SALN, and the value of the various properties were based on the Tax Declaration of Real Property.
Marcos said that his total networth for 2012 were based on the October 2012 appraisal report done by Cuervo Appraisers Inc. (CAI), a reputable appraisal firm tasked by him in the previous years.
CAI is a wholly Philippine owned and operated company, and is fully accredited with the Securities and Exchange Commission, Bangko Sentral ng Pilipinas, and other government institutions with such regulatory bodies as the Energy Regulatory Commission and the National Water Resources Board. It is likewise accredited with major banks and private companies in the Philippines.
As a leading appraisal company in the Philippines in terms of Clientele, Gross Revenues and Market Share, CAI conducts its business with a high level of professional standards and has been considered a major proponent of integrity and independence in appraisal practice. Its records show evidence of establishing a rapport with and the development of long-term client relationships.
CAI offers Valuation services which includes the appraisal of Property for both private and public sectors (such as REAL ESTATE and RIGHTS and LEASES) and Personal Property (TANGIBLE ASSETS).
It also performs enterprise valuations for total businesses; all capital stock and controlling interest; and intangible assets (such as patent and patent applications; license, agreements, and other contracts; trademarks and/or secret formulas or processes; copyrights, mailing lists; franchises; mineral rights, water rights, air rights; product development; assembled organizational goodwill; and other non-identifiable, non-amortizable, intangible assets and minority interest.)
In addition to valuation services, CAI also assists decision makers in the verification of property accounts; and in areas such as asset management; condition surveys; capital cost control; electronic data processing property records and special analyses for remaining life, capital facilities replacement, pre-merger or pre-acquisition.
Recently, CAI has strengthened its project commercial services along the lines of market studies, highest and best use, project feasibility studies, socio-economic studies, technical due diligence, asset inventory labeling and reconciliation, geodetic and relocation survey, and project financial audits.
The firm has also been invited to lend its expertise before courts, boards, and commissions, both here in the Philippines and abroad.
Appraisal of corporate assets may be for the purposes of determining the following:
- Collateral sufficiency of secured financing
- Insurable values
- Ad valorem or estate taxes
- acquisition and investment
- sale/leaseback transactions
- valuing capital stock of closely-held companies
- depreciation accounting, rate case testimony
- other corporate requirements pertaining to proper value, control and economics
Due to the large demand for property appraisals, CAI was founded in 1980 by Mr. Ramon Cuervo III and his father and a pillar of Philippine real estate industry, Ramon Cuervo Jr. with the help of some investors such as Oliver Morales. CAI has since become the premier and most respected Appraisal Company in the Philippines. It has also been the leading appraisal company in the Philippines in terms of Clientele, Gross Revenues and Market Share since its inception on July 11, 1980. The company is the choice of banks and other financial organizations, local and foreign investors, government, and private institutions for valuation requirements.
Due to political stability and dramatic economic growth in the Philippines in 1993, there was a substantial increase in real estate business opportunities. RFCI and CAI spearheaded the creation of an integrated property services company – Cuervo Far East, Inc (CFEI) to expand services to foreign markets.