Oops, CJ Sereno sent wrong 2011 SALN

Posted at 08/31/12 10:49 AM

MANILA, Philippines - The Office of Chief Justice Maria Lourdes Sereno on Friday said it sent out an uncorrected version of Sereno's 2011 statement of assets, liabilities and net worth (SALN) yesterday.

The Office of the Chief Justice on Thursday released a copy of Sereno's 2011 SALN, showing that she had a net worth of P17,985,375.51 for the year.

On Friday, Sereno's office said it sent the uncorrected version of the chief magistrate's 2011 SALN. It said the correct version of Sereno's SALN is the one released by the Clerk of Court.

The corrected SALN shows that Sereno's net worth for 2011 is higher by P44,200 at P18,029,575.51. Total assets in the corrected SALN are now at P19,271,778.85, which is P44,200 higher than the P19,227,578.85 in the previous SALN.

"The correction of the SALNs of the members of the Court has been authorized by the Court en Banc," the statement said.

P1 million in 'improvements' removed

The corrected version of the 2011 SALN removed an entry of P1 million in the improvements column for a house and lot at Filinvest East that was purchased in 2005. The house has an acquisition cost of P4.5 million and has a current fair market value of P6 million.

The corrected SALN also indicated investments worth P1,203,400.00 while the old version of the SALN has receivables of P3,537,130.25 less 5% allowance for bad debts.

The corrected SALN also identifies that Sereno has liabilities of P116,692.24 to Ma. Sophia Sereno and Ma. Lycette Ramos. The old version did not indicate who Sereno owes the payables.

Aside from these, there were no other changes in the corrected SALN. Both versions of the SALN were received by the Supreme Court Office of the Clerk of Court on April 27, 2012 and had handwritten timestamps of 8:25 a.m.

Uncorrected version of Sereno's 2011 SALN. Click image to enlarge


Corrected version of Sereno's SALN. Click image to enlarge

Total assets

As of December 31, 2011, Sereno had total assets amounting to P19,271,778.85. These include 3 house and lots in Filinvest East, Cavite and Davao, memorial lots in Cavite and a lot, also in Filinvest East.

The most expensive asset is the house and lot in Filinvest East, purchased in 2005, with an acquisition cost of P4.5 million and a current fair market value of P6 million.

Her latest property acquisition is the Filinvest East lot, bought last year, for P2.1 million.

Sereno also owns 3 vehicles:

* a Toyota Altis 2005 model worth P760,000;
* a Toyota Corolla 1997 model worth P320,000; and,
* a second-hand 1993 model Mitsubishi Lancer bought in 2002 worth P95,000.

She also has P1,185,602.60 cash in bank and investments of P1,203,400.00.

Sereno's office, in a press statement Thursday, said her assets include savings left from legal fees paid by the government to her in connection with her handling of cases involving the Ninoy Aquino International Airport Terminal 3.

"The payment was made to her for services rendered from 23 October 2003 to 31 July 2008, a period of more than 4 years and 9 months," the statement said.

The liabilities section of Sereno's SALN shows that the Chief Justice has credit card billings of P125,511.10. She also has a bank loan of P1 million and payables worth P116,692.24.

Sereno had an income of P1.82 million when she was still Associate Justice.

Spirit of transparency

She is married to Mario Jose Sereno, an Executive Director at the Association of Petrochemical Manufacturers of the Philippines.

Sereno's SALN said her husband became a minor stockholder in SUDECO, PLDT, Seaport, RFM, and Uniwide before the year 2000.

She disclosed her SALNs as part of her commitment to transparency and accountability.

Her office said the chief justice informed her colleagues of her intention to release her SALN "in the spirit" of an earlier Court resolution authorizing their disclosure.

She replaced Renato Corona, who was impeached by the House and found guilty by the Senate for not disclosing his SALNs as required under the Constitution.