Malacañang said President Marcos’ move to include a private appraisal of his assets in his latest Statement of Assets, Liabilities, and Net Worth (SALN) was a deliberate effort to provide more transparency.

Presidential Communications Office (PCO) Undersecretary Claire Castro said this after the President declared a net worth of P389 million and P1.375 billion in his 2024 SALN, based on documents obtained by GMA Integrated News Research.

In a press briefing on Thursday, Nov. 20, Castro said getting Cuervo Appraisers, Inc. to conduct an independent valuation allowed the public to see the updated market value of properties first acquired many years ago.

“Hindi ba mas maganda kung makikita ninyo kung ano yung value — yung updated value ng mga properties? Mas maganda, mas maliwanag, mas transparent (Isn’t it better for the public to see the updated value of these properties? It’s clearer and more transparent),” she said.

The Palace Press Officer added that the additional appraisal gives Filipinos a reference point when comparing the President’s declared acquisition cost and the present-day value of the same assets.

“Para mas maganda ring makita ng taong bayan kung magkano yung value (This helps the public see the value more clearly),” she explained.

“So wala namang mali doon. Mas maganda nga po (There’s nothing wrong with it — in fact, it’s better),” she added.

According to documents obtained by GMA Integrated News Research, President Marcos declared a net worth of P389.357 million in his SALN as of Dec. 31, 2024, following Civil Service Commission (CSC) rules that rely on acquisition cost.

But alongside this, the President also submitted a separate report from Cuervo Appraisers placing the market value of his assets at P1.375 billion.

The Palace clarified that both figures were submitted, but the CSC-required computation is the official declaration.

Under CSC rules, Marcos listed:

The collection includes works by Amorsolo, Joya, Bencab, Arturo Luz, and even a piece attributed to José Rizal. The most valuable item, a painting, was listed at P19 million.

Marcos declared no liabilities in his 2024 SALN, consistent with his filings since assuming office.

The President’s net worth under CSC rules increased by P60.128 million from the time he took office in June 2022.

Meanwhile, Cuervo’s appraised valuation rose from P908 million in 2022 to P1.375 billion in 2024, reflecting the appreciation of assets, especially art and property.

Castro said the decision to include a private appraisal was precisely to avoid future disputes about the value of the First Couple’s assets as markets change.

“Darating ang panahon na sasabihin nila, ‘ito na ’yung value niyan.’ So dapat i-declare din (Time will come when people will point to the updated values, so it should also be declared),” she said.