On the report released by the PCIJ and various media outlets on offshore investments

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Official Statement of DOTr Secretary Art Tugade


"First, I would like to acknowledge that due to an administrative oversight, I was not made aware of the interview request letter sent by the Philippine Center for Investigative Journalism (PCIJ). Had it reached my personal attention, I would have acted on the same swiftly.

Second, allow me to clarify the issues raised in the articles published online by various media outlets:

1. On the matter of offshore investments, yes this is a matter of public record, and the subject offshore investments in Solart Holdings was a personal financial move that was established long before I joined government.

2. Solart Holdings was organized in 2003 to hold a portion of our family’s cash assets. Of

3. Having some of our family’s savings invested in Solart Holdings was our legitimate attempt to grow our financial portfolio like what any astute and judicious entrepreneurs would do to diversify their investments. We decided to have a portion of our savings invested outside the Philippines, which is valid and legal.

4. The same has consistently been disclosed in my Sworn Statement of Assets, Liabilities and Networth (SALN) under "Personal Properties - Intangible", particularly, as "Offshore Investments" from 2012 to 2020. In the said period, the account barely moved.

As an appointed public servant, I have taken an oath to uphold transparency, honesty, integrity and good governance. These are cherished values that I personally believe in, and I have made it a lifelong commitment to sustain and carry around myself.

Wala po akong tinatago, at sasagutin ko ang anumang paratang at katanungan in appropriate forums and manner."

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