President Rodrigo Duterte said his wealth could not go beyond P40 million, much higher than what he declared in his statement of assets, liabilities and net worth (SALN) in 2016.

In a speech on Saturday night during the oath-taking of newly-elected officers of the Integrated and Bar of the Philippines Davao City Chapter, Duterte said his wealth included his inheritance.

"Assure, all in all, it would not go beyond 40 million (pesos), my lifetime savings. As part of that was my hereditary. You from Davao, you know about those properties. That's the truth," he said.

He mentioned about his supposed wealth in the wake of the investigation being conducted by the Office of the Ombudsman against him for allegedly not declaring his true net worth.

Opposition Senator Antonio Trillanes IV, who filed a petition before the Ombudsman to look into Duterte family's wealth, has accused the President of having over P200 million undeclared bank deposits.

In his SALN as of December last year, which he filed before the Office of the Ombudsman last April, Duterte declared that his net worth amounted to P27.4 million, up by P3.4 million six months after he assumed the presidency in June 2016.

His total assets amounted to P28.4 million, but he had a liability of P1 million due to his personal loan to certain Samuel Uy.

At the latter part of his speech before the IBP, Duterte made a qualification on his money in the bank, saying, "you will be fortunate if there is 40 million (pesos)."

He said that his salaries since he was a mayor up to now that he is the president were being deposited at the state-run Land Bank of the Philippines.

"That's why I said, it won't reach 40 million (pesos). Go ahead and look at the records. That's bank-to-bank. The salary of those from the government is with the Land Bank," he said.

The President also noted that his partner, Cielito "Honeylet" Avancena, is a businesswoman. Celerina Monte/DMS