Tugade said he consistently disclosed ownership of “offshore investments” in his SALN from 2012 to 2020. We decided to have a portion of our savings invested outside the Philippines, which is valid and legal,” he said. “It is a legitimate attempt to grow our financial portfolio like what any astute and judicious entrepreneurs would do to diversify their investments. On October 5, 2021, a day after the Pandora Papers were published, Tugade issued a statement, saying that Solart Holdings was set up to hold a portion of his family’s cash assets. The offshore entity is not declared in the list of businesses in his yearly Statement of Assets, Liabilities and Net Worth. Company assets worth $1.5 million (P75 million) were mentioned, but it is unknown whether the amount was transferred to Solart. The offshore company was supposedly created for the income of the Tugade family’s businesses under Perry’s Group of Companies, Trident records show. Tugade and his children appear in Trident Trust records as beneficial owners of Solart Holdings Limited, a British Virgin Islands (BVI) company which appears to have been operating at least since 2007. Before that, he was president of the Clark Development Corp.
Tugade is the Philippines’ transport secretary under the Duterte government. We found an extremely small number of accounts are tied to big businesses with legitimate sources, while the rest are mysterious at the very least.Īrthur P.
We sifted through hundreds of emails, documents and corporate records, and selected names that were in the public interest. PCIJ and Rappler found more than 940 individuals and companies with Philippine addresses in the leaked files. The documents were shared with Rappler and PCIJ by the non-profit International Consortium of Investigative Journalists (ICIJ), which led a global investigation with more than 600 journalists in 117 countries. Their profiles are based on a cache of leaked documents from offshore service providers, namely, Trident Trust, Commence Overseas Limited, Overseas Management Company Trust Limited, Asiaciti Trust, and Alcogal. This page, produced by Rappler and the Philippine Center for Investigative Journalism (PCIJ), features the offshore companies linked to more than 35 Filipino politicians, contractors, bankers, and business professionals. (Done in partnership with the International Consortium of Investigative Journalists)
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