Former finance undersecretary Cielo Magno on Monday described as “kind of a joke” the SALNs of some senators including ex-Senate President Chiz Escudero who declared a net worth of P18 million considering he gave a ring allegedly worth $1 million to his wife Heart Evangelista.
“If you can give a gift of a million dollars, can you really believe he’s only worth P18 million? It’s kind of a joke. And if you look at the declaration of assets, although i think he divided it into six because some are co-owned, do you really believe his house is only worth P3 million? People will ask ‘Saan ‘yang P3 million na residential house na ‘yan?’ I will also buy,” she said in a Headstart interview.
Magno said other senators’ SALNs also failed the smell test, noting that some declared low net worths “even though every summer they’re in Europe” and their kids go to expensive schools.
The ex-DOF official said a senator’s wealth can increase over time through political donations, private businesses or investments or if they have existing assets that increase in value over time.
“Technicially if you rely on government income, hindi ka magiging milyonaryo…and you will not be able to afford the lifestyle we see on social media,” she said.
She noted the SALN has become a compliance tool rather than a tool for people to check the honesty and quality of life of senators and politicians.
“If the public finds it ridiculous, it should raise a red flag not just to the public but to the Ombudsman. They should really start doing lifestyle checks,” she said.
Magno said there should also be a law on beneficial ownership. “Your name may not appear in documents but you are the one benefiting from the proceeds of the operations. Kasi ang tendency especially sa money laundering, creation of layers of companies, may mga holding, and to find the real owners siguro mga six layers of companies pa muna before you see the real individual owners. Sometimes they use their staff, sometimes they use holding companies. Sometimes they use their son pero saan ba talaga ‘yung flow of money? Saan pumupunta yung proft?” she said.

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