House Speaker Bojie Dy may hold one of the most powerful positions in government, but his latest statement of assets, liabilities and net worth (SALN) shows a declared net worth of just P74.019 million – far from what some might expect.
The returning lawmaker, who was only elected speaker in September after Rep. Martin Romualdez stepped down, released on Wednesday, October 22, a copy of the SALN he submitted to the House of Representatives in July.
Dy’s SALN shows 12 agricultural properties and four residential lots and homes worth P32.53 million under his name. Twelve of these were bought in the 1990s to early 2000s, while the remaining four were inheritedWhile his real estate portfolio is modest, the newly elected speaker listed over P25.18 million in cash and P29.6 million in investments, bringing his personal assets to about three times the value of his properties, which stood at P88.62 million. This included his five vehicles valued at P11.34 million.
Combining his real estate and personal assets, his total wealth amounts to P121.144 million. After accounting for liabilities of P47.124 million, his net worth stands at P74.019 million.
Beyond assets, public officials must disclose their business interests. Dy reported ties to four firms, which include two where he is a partner and two where he holds shares.
What particularly stands out in Dy’s disclosures, however, is the number of relatives he has in public office. While his political dynasty was known to include at least six members, the full list shows 16, including a nephew who is the Philippine ambassador to Switzerland.
In a statement, Dy said releasing his SALN was part of his commitment to transparency, as public clamor grew for lawmakers to bare their wealth amid corruption allegations involving infrastructure kickbacks.
Some time in September, he told reporters he would release a copy of his SALN, saying if he needed to do so, he would.
Earlier wealth disclosures
Several other lawmakers have also disclosed their SALNs even before the Ombudsman lifted the earlier restrictions imposed under the Duterte administration. These include the Makabayan bloc, Akbayan Party-list, ML Paryt-list, Kamanggagawa Party-list, Rep. Kiko Barzaga and Sen. Risa Hontiveros.
Experts, however, warned that politicians can still hide some wealth from their SALNs. In a radio interview, Mon Abrea, chief tax advisor at Asian Consulting Group and former Bureau of Internal Revenue official, said some assets might not be under a public official’s name or kept in banks, and could instead be listed under their children, spouses or cousins.
Abrea said this helps explain why the public often sees a disconnect between what officials declare on paper and their actual lifestyle.
House panel to review SALNs
Dy also announced reconstituting the House’s SALN Review and Compliance Committee in compliance with Republic Act 6713. Deputy Speaker Ferdinand Hernandez was appointed as the committee’s chairperson, while Rep. Lorenz Defensor and Rep. Miro Quimbo were designated as vice chairpersons.
Members of the committee include Rep. Bong Teves Jr., Rep. Maria Cristina Angeles, Rep. Wilfirdo Enverga, Rep. Angelo Barba and Rep. Arlene Bag-ao.
The committee will be supported by senior officials from the Legal Affairs, Legislative Operations, and Administrative Departments; the Office of the Secretary General; the Committee on Rules; and the Records Management Service, as well as a representative from the Office of the Speaker.
Dy said that reviving the committee reinforces the House’s commitment to earlier memorandums, ensuring the proper filing, review, disclosure, and public access to SALNs in the lower chamber.
“Kung kinakailangan, syempre, lead by example tayo,” he said in a radio interview on Monday. (If needed, of course, we’ll lead by example.)