FACT CHECK: Did this vlog correctly state BBM’s net worth?

Apr. 09, 2024

Claim: The Youtube channel Okay Dito posted a video on President Ferdinand ‘Bongbong’ Marcos Jr’s net worth and properties. The video said Marcos Jr’s net worth is P437-million based on news reports, and owns assets including cash deposits, vehicles, jewelries and investments in condominiums.

Verdict: True 

Fact check:

The video cited a news reported from Philippine Star dated 2013, which was the last time Marcos Jr, who was senator at that time, divulged his statement of assets and liabilities (SALN) through an auditing firm which declared his net worth of P437-million.

His assets include real properties totaling to P303.5-million: P10 million in cash (on hand and on bank), nine vehicles worth P16 million, jewelry worth P15 million, paintings at P16.7 million, shares of stocks at P20 million and investment in a condominium unit at Wack-Wack in Mandaluyong and another unit in Ayala, Makati estimated at P85.6 million.

Marcos Jr explained that because of new guidelines set by the Civil Service Commission, he had to declare the acquisition costs of properties even if these were under construction or the land titles are not yet in his possession.

Rappler’s story in 2015 on Marcos Jr’s wealth added that the then senator owned 10 real properties, seven of which are residential in nature.  His shares in stock has risen to P23 million.  He has also declared investments in three companies, plus a law firm of his wife, First Lady Lisa Araneta-Marcos, called MOST (Marcos, Ochoa, Serapio, Tan).

But Marcos Jr has not released his SALN since 2013. He stated during the 2022 presidential elections that he refuses to divulge his SALN because he thinks it might be used for political attacks.

Even as president, he has refused to divulge his net worth despite the Freedom of Information Act.

Republic Act 6713 or the Code of Conduct and Ethical Standards for Public Officials and Employees states that public officials and employees “have an obligation to accomplish and submit declarations under oath of, and the public has the right to know, their assets, liabilities, net worth and financial and business interests including those of their spouses and of unmarried children under 18 years of age living in their households.”

Davao Today is part of #FactsFirstPH which brings together various sectors that are committed to promoting truth in the public space, and exacting accountability on those who harm it with lies. For those interested to join the initiative, email info@factsfirst.ph.

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