Duterte explains source of family wealth


In a bid to dispel allegations of ill-gotten wealth, President Duterte recently bared that he inherited wealth from his parents but now keeps a simple lifestyle.

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Duterte explains source of family wealth

In a bid to dispel allegations of ill-gotten wealth, President Duterte recently bared that he inherited wealth from his parents but now keeps a simple lifestyle.


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  1. 1ST Comment….. In a bid to dispel allegations of ill-gotten wealth, President Duterte recently bared that he inherited wealth from his parents but now keeps a simple lifestyle.

    President Rodrigo Duterte gestures as he gives his message during the oath taking ceremony of the newly elected officers of PNPA Alumni at the Malacañan Palace on Wednesday. (JAY GANZON / MANILA BULLETIN)

    President Rodrigo Duterte (JAY GANZON)

    The President said he earned his first few millions at a young age due to inheritance but has more or less half a million in the bank at present.

    “Wala akong obligasyon kanino man na magsinungaling. Wala naman akong tinatago (I have no obligation to anyone to lie. I have nothing to hide). I live a simple life,” Duterte told reporters in Davao City last Friday.

    Duterte recalled that his parents owned a land in Davao where an ice plant was established. The assets were later divided among the siblings after their father, former Davao Governor Vicente Duterte, died in 1968.

    Duterte said he suggested the sale of some properties to end the bickering among siblings.

    “So when we divided, we had our first millions already,” the former Davao City mayor said. “I was just a student, fourth year. I already had about three million,” he added.

    Duterte said he previously placed the money at a local bank, adding that his critics could still check the transactions even the bank is now closed. “If you want really to trace my money, start from there…tapos na ‘yang bangko na ‘yun (The bank is closed but) I’m sure that they have the records,” he said.

    Since then, the President said his cash deposits increased over the years but he also incurred many expenses. He added that his landholdings now belong to his children.

    “I have more or less in the bank. It could be… Masobra ng 500,000 something or below. Pero mababa ‘yun. Almost nearing 500. That was my last,” he said.

    “It’s either 505, 510, hindi mag-abot ng six,” he added.

    The President has a net worth of P27.4 million based on his 2016 Statement of Assets, Liabilities and Net Worth. His wealth includes P18.4 million cash on hand/bank, nine real estate properties and two vehicles.

    Senator Antonio Trillanes IV earlier accused the President of having billion of pesos in ill-gotten wealth in bank accounts.

    The President has denied the allegations, saying he and his family earned money through legitimate means. He has also offered to resign if Trillanes could prove his allegations against him.

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  2. eh ano ung drama mo na naka kulambo ka pa? hahaha

    Reply
  3. To end all speculation, and to put Senator Trillanes in his proper place ….sign a General Bank Waiver and allow the Ombudsman and AMLC to see your bank accounts.

    Reply

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