Statement of Liability and Indemnity.
In the Philippines, senior officials are required to file a statement of assets, liabilities and net worth each year in order to verify that they are not enriching themselves from their government positions.
In the Philippines, senior officials are required to file a statement of assets, liabilities and net worth each year to verify that they are not enriching themselves from their positions.
Sec. 7. The said commission shall submit to the governor, at the earliest day practicable, a complete inventory of all property received by them, with a statement of the liabilities of the state dispensary, and, as soon as the affairs are liquidated, a report in full of their actings and doings.
Failure to disclose to the public his statement of assets, liabilities, and net worth as required under the constitution.
In particular, Article 2 of the impeachment complaint alleges that Corona failed to disclose to the public his statement of assets, liabilities, and net worth as required under the Philippine Constitution and anti-graft laws.
The Philippines experienced a judicial milestone on Tuesday with the conviction of Renato Corona, Chief Justice of the Supreme Court of the Philippines, for failure to declare several high value assets -- including US$2.4 million in foreign currency deposits -- on his Statement of Assets, Liabilities and Net Worth (SALN).
In May, the Senate, voting 20-3, Coronating Corona under Article II, which charged him of failing to disclose an accurate statement of his assets, liabilities, and net worth -- a requirement that arguably rises to the level of a constitutional obligation for Philippine public officials great and small.
A statement of the lessee's liability, if any, at early termination or at the end of the lease term for the difference between the residual value of the leased property and its realized value.
