November 21, 2025 | 7:15am
MANILA, Philippines (First published Nov. 21, 6:55 p.m.) — President Ferdinand Marcos Jr.’s net worth is currently estimated at P1.375 billion as of end-2024, based on an appraisal report attached to his statement of assets, liabilities, and net worth (SALN).
The president’s SALN, which also includes the wealth of First Lady Liza Marcos, listed at least 21 real properties, many in his stronghold of Ilocos Norte. He also owns properties in Metro Manila, Benguet and Laguna. Three were inherited, five donated and the rest purchased or built.
Altogether, these properties cost P142.025 million.
In personal assets, Marcos reported cash worth P38.7 million and P134.12 million in investments.
He also declared jewelry worth P22.8 million, plus millions in motor vehicles and paintings. Many of the paintings were gifted and thus not counted toward acquisition costs.
All in all, his personal properties were declared at P247.33 million.
Marcos, who was known to hold residence at Forbes Park in Makati, however, does not list a property in the upscale village. Asked why this was not disclosed, Palace Press Officer Claire Castro told Philstar.com, “Kung ano lang po nasa SALN. ‘Yan po properties niya.” (Whatever is listed in the SALN, those are his properties.)
The president also listed 10 relatives in government, including his sister, Sen. Imee Marcos, and House Majority Leader Sandro Marcos, and cousin-in-law Rep. Toby Tiangco (Navotas).
What was appraised
The large disparity between the declared net worth and the appraised net worth of the president mainly came from increased value of Marcos’ properties, as seen in his 2024 SALN and its appendices, as obtained by Akbayan Party-list.
Attached to the president’s SALN was an appraisal report from Cuervo Appraisers Inc. The valuer estimated that Marcos’ real properties were worth P1.058 billion as of 2024.
Marcos’ personal properties, meanwhile, were valued at P317.37 million.
Taken together, this brings Marcos’ net worth to P1,375,378,062.74—almost a billion pesos higher than the initially disclosed SALN.
What’s the difference?
There is a large disparity between what was initially declared in the SALN and what appraised, with Cuervo’s estimates at P986.02 million more than what Marcos declared.
The difference lies in how Marcos got the assets.
In the Bureau of Treasury’s guidelines for the filing of the SALN, the basis of the official’s net worth is not the market value of the property that they own, but the cost of acquisition.
Marcos’ net worth declared in the SALN does not include items that were either donated, inherited, or gifted to him. Other than the real properties that were given to him, many of the paintings he declared were also labeled as gifts.
In short, Cuervo estimated the current fair market value of Marcos’ properties, not the cost at which he acquired them.
At a press conference on Thursday, the Palace said that the effort to include a third-party valuer was for transparency reasons.
“Para mas maganda ring makita ng taumbayan kung magkano na iyong value ng mga properties na dating na-acquire before dahil darating ang panahon na sasabihin nila na ito na ang value niyan. So, dapat i-declare din,” Palace Press Officer Claire Castro said.
(It is better for the people to see how much the value of these properties is that were acquired before because the time will come when they will say that this is how much it costs. So it should be declared.)
It is important to note that while SALNs are mandated by law, it is not a perfect gauge to see how much an official is worth. For example, the submission of SALNs does not require supporting documents or appraisals.