Does wealth come with power or is power the source of wealth?
Whatever the case may be, if President Noynoy Aquino’s cabinet members are an indication, those in power are also the rich people in the in the Philippines.
Based on the 2010 Statement of Assets, Liabilities and Net Worth (SALN) submitted by PNoy’s Cabinet secretaries, all but one Cabinet member is a millionaire.
How rich is rich in the Philippines?
Millionaires are rare in a country where more than half of the population consider themselves poor, as per the April 2011 Social Weather Stations (SWS) survey. According to the National Statical Coordination Board (NSCB), rich people in the Philippines, described as those earning an average of P2.4 million per year, represents only 0.1% of total Filipino families.
Those belonging in the middle-income class, on the other hand, earn an average of P444,000 per year while poor families on average earn only P108,000 per year.
Purisima richest, Luistro poorest Cabinet member
Among all Cabinet secretaries, Department of Finance (DoF) Secretary Cesar Purisima is the richest with a total net worth of P252 million. His assets include real properties in Ayala Alabang, Wack Wack Tower in Mandaluyong and in Tagaytay. He and his wife are also major shareholders in several companies such as Filhouse Gem Inc., MHC Commercial Corp., Zurcaled Realty and Development, and Archimedes Realty and Development Corp.
The second richest Cabinet member is Department of Trade and Industry (DTI) Secretary Gregory Domingo whose net worth is around P151 million. Department of Energy (DoE) Secretary Jose Rene Almendras is third with a net worth of more than P129 million.
Department of Justice (DOJ) secretary Leila de Lima joins several Cabinet members at the bottom of the list with a net worth of more than P3.29 million. Department of Social Welfare and Development (DWSD) secretary Dinky Soliman has a net worth of P2.1 million. The “poorest” Cabinet member is Department of Education (DepEd) secretary Armin Luistro whose net worth is only P89,000.
Here’s to hoping that these people with money and power find ways to uplift the lives of the majority of the Filipino people who, until now, remain poor.
Net Worth of Pres. Noynoy Aquino’s Cabinet Members
[TABLE=80]
The richest PNoy cabinet members
About the Author
PSEi support seen at 6,200 and 6,000 amid weaker Peso
In a not-so-surprising move, the U.S. Federal Reserve (Fed) yesterday raised interest rates by 75 basis points (bps) or 0.75% in a bid to tame rising inflation in the United States. This was the third consecutive 0.75% rate hike by the Fed, which brings the federal funds rate, the central bank’s benchmark interest rate, to ... Read more
Official SWIFT Code of BDO, BPI, Metrobank, Philippine banks
When sending cash remittances or wire transfer to a bank account in the Philippines (such as BDO, BPI, Metrobank, Landbank, DBP, etc.), you’ll surely need the SWIFT Code of the bank. Look no further because you can find all the SWIFT Codes you need in this list! Make sure you’re using the right bank code ... Read more
How to Waive your Credit Card Annual Fee (BDO, BPI, Metrobank, RCBC, Citibank, UnionBank)
Without a doubt, one of the most annoying fees that credit cardholders have to pay is the annual fee. Majority of cardholders are familiar with this fee and majority of us likely pay this grudgingly year after year after year. In the case of my credit card with BPI (Bank of the Philippine Islands), I’m ... Read more
Why Filipinos do not become business owners or entrepreneurs
For a majority of Filipinos, entrepreneurship does not seem to be a typical, expected path. This is not surprising, considering that in school, students are primarily taught to become employees after graduation. Students train for years to become staff workers, reporting to a supervisor, and just waiting to receive their wages or salaries every month. ... Read more
My experience investing in Mutual Funds in the Philippines
I started investing in mutual funds when I was 22 years old. As an Overseas Filipino Worker (OFW) then, I was fortunate to be able to save some money at that young age because of my work abroad. One time while I was on vacation in the Philippines, I saw a large billboard in EDSA ... Read more
Income Tax Tables in the Philippines (2022)
The Philippines’ new tax reform bill, known as TRAIN or Tax Reform for Acceleration and Inclusion, was signed into law on December 19, 2017 and its implementation began on January 1, 2018. What are the new income tax rates under the TRAIN law? How will TRAIN affect income taxes of individuals and corporations? How is the ... Read more
PSE Stocks Performance under each Philippine President (1987-2021)
Did you know that Philippine stocks were able to achieve an astounding growth of 800% in a span of 30 years? From 1987 until 2018, the Philippine Stock Exchange index (PSEi) rose from 1,000 points to a peak of 9,000 points — generating a return of 800% over 30 years. (The PSEi is an index ... Read more
SSL 2022: Salary Increases for Teachers, Nurses, Gov’t Employees
Good news to all government employees! There’s a new round of salary increases beginning January 1, 2022! Millions of employees of the Philippine government — including public school teachers, nurses and staff of government hospitals, and workers in local and national government agencies, etc. — will be getting an automatic salary adjustment this 2022 under ... Read more
PSE Trading Hours in 2022: What time open, when closed?
Before you take the plunge into stock trading and investing, make sure you understand what stocks are and how the Philippine Stock Exchange (PSE) operates. Unlike other investments that are relatively safe, stock trading is risky and loss of money is a possibility. So before you deep dive into the exciting world of stock trading, ... Read more
Price Floor and Price Ceiling of PSE Stocks
Trading bands in the PSE come in two forms: Price Ceiling, or the upper price limit, and Price Floor, or the lower price limit.
“BEHIND EVERY GREAT WEALTH IS A GREAT CRIME!” H. B.
please re-rank your list. rank 4 and 10 are not in proper ranking…
clen
base sa nakikita ko. pwedeng sabihin natin na hindi sila nangungurakot pero ginagamit nila ang posisyon nila para magkapera. pwedeng may negosyo sila na nakadepende sa kung ahensya ang hawak nila tapos yun ang pinagkaka kitaan nila.. ex.. DPWH, Dept’ of Tourism, Agriculture, Energy.. nadyan ang madaming pwede pagkaperahan kaya naduyan sila…
I’d personally favor Google. Both FB and Google would benefit from it, but we would possibly benefit more from Google taking it over. In the case of Google+ it is just a matter of time. Facebook was lucky it didn’t definitely need to compete with something as “good” as facebook, the competition was just lacking a lot of features along with a global approach.Google+ is exceptional to Facebook, but it surely has a bigger challenge to obtain popular.Just look at VHS and Betamax. Betamax was better but lost due to bad marketing/licensing.Danny recently posted..Black & Decker NPP2018 18-Volt Cordless Electric Pole Chain Saw