August 11, 2009 · Posted in: General
Gloria’s mysterious millions: Stacks of stocks, sparse data
The third part of our series on Arroyo wealth tackles the inexplicable phenomenal growth in President Arroyo’s stocks portfolio – that by 2008 account for 69 percent of her declared net worth of P143 million. In which firms she has equity interests, and whether these are listed in the stock market, President Arroyo did not disclose, in possible violation, according to lawyers, of the Code of Conduct and Ethical Standards for Public Officials and the accountability and transparency provisions of the Constitution.
Our sidebar story tackles the apparent reluctance of the Ombudsman and the Civil Service Commission to respond to interview requests filed by the PCIJ two weeks ago.
The two agencies are mandated in the Constitution and the law to enforce Republic Act No. 6713, the Code of Conduct and Ethical Standards for Public Officials and Employees, and its implementing rules and regulations.
These laws require all public officials to submit statements of assets and liabilities and net worth (SALNs) before the April 30 deadline every year.
These laws also require declarants to enroll specific details of their assets, liabilities and net worth to assure substantive compliance.
1 Response to Gloria’s mysterious millions: Stacks of stocks, sparse data
hbg8888
August 12th, 2009 at 2:27 am
This has always been the problem for these SALNs. Without the details, then it is pretty much a useless exercise. Are they submitting these SALNs just for show? If the Philippine government is really serious in curtailing graft and corruption, this SALN could be a very potent tool. However, the government must have the will. It does not take much analysis to determine whether the growth in an individual’s net worth from 1 period to another is legitimate. Otherwise, to let the claimed investment prowess of GMA unchallenged, when the global economy is in one of its worst recessionary periods ever, is plain insulting.