Breaking News: VP Binay has 60 Million Pesos Worth of Assets. His wealth rose over 50 Million Pesos in 25 years.
VP's net worth: From P2.5M in 1988 to P60.1M in 2013
MANILA - The camp of Vice President Jejomar Binay on Wednesday gave a presentation about his wealth to the public amid allegations of corruption.
Speaking to reporters, Binay's spokesperson for political affairs Cavite Governor Jonvic Remulla said the presentation was conducted to disprove accusations of ill-gotten wealth.
Binay, along with his son Makati Mayor Junjun Binay and other Makati City government officials, is facing a plunder charge over the alleged overpricing of the construction of the 11-storey Makati City Hall Building 2 when he was still mayor of the city.
According to Remulla, Binay also wanted to set a good example amid calls for public officials to undergo a lifestyle check.
"It is leadership by example. It has been purported that a lifestyle check must be undertaken by all those who aspire for higher office. So we thought that it be best that we do it first to show that the vice president leads by example," he said.
Atty. Princess Turgano, legal counsel of the vice president, said Binay has a net worth of P60,118,766 as of December 31, 2013 based on his Statement of Assets, Liabilities and Net Worth (SALN). Binay has P28.7 million worth of cash at hand and real properties consisting of 12 assets.
Binay's net worth in 2013 is a far cry from his net worth of P2,527,724.85 in 1988 when he was first elected as mayor of Makati City.
But Remulla said: "We have a hundred percent accountability of the monies and properties of the vice president."
FLOWER SHOP, PIGGERY BUSINESS
In her presentation, Turgano said that from 1989 to 1991, the former Makati mayor's only source of income was his government salary. But this was augmented by the Blooms & Bouquet flower shop business of his wife, Dra. Elenita Binay.
Turgano also noted that Binay disposed of his property in Laguna in 1989, and invested P400,000 in shares of stocks.
The net worth of Binay then increased by P1,025,067.86 in 1991, she said.
In 1992 and 1993, Binay earned additional income as professional fees for services rendered before joining the government -- cash worth P1.038 million and the Alfonso Property worth P3 million.
These saw the increase of Binay's net worth to P7,749,315.95 in 1993, Turgano said.
In 1994, she said JCB Farms, the piggery business of Binay in Rosario, Batangas, commenced commercial operations. From this, Binay earned an additional net income of P44,350,921.88 from 1994 to 2010.
In the period of 2001 to 2002, Binay acquired a new property in San Antonio Village, Makati City worth P4.5 million. Between 2002 and 2006, he then improved this property in the total amount of P8,801,830.
P13.5M IN EXCESS CAMPAIGN CONTRIBUTIONS
According to Turgano, Binay had P13,541,711 in excess campaign contributions in 2010, the year he ran for vice president.
Remulla explained that this amount became part of the cash assets -- not the income -- of Binay, noting that the Bureau of Internal Revenue (BIR) at that time did not require excess campaign contributions to be part of the income.
Remulla, however, stressed that Binay would be willing to submit to the requirements of the BIR if there would be any question on his tax payments.
Meanwhile, also in 2010, Binay disposed of his business interests in JCB Farms following his election as vice president.
The excess campaign contributions and the disposition of JCB Farms then saw the increase in the vice president's net worth for 2010 to P58,096,290.78.
In 2012, Binay also disposed of his Alfonso Property, resulting in a higher net worth of P59,804,933.40.
As of December 31, 2013, Binay's net worth is P60,118,766, with assets amounting to P66,171,663 and liabilities of P6,052,897.
From 1986 to 2013 (excluding 2004), the total consolidated net income of Binay and his wife as declared in their annual ITRs is P83,115,268.23, for which they paid taxes in the amount P23,054,751.93.
'EVERYTHING IS ON PAPER'
According to Remulla, the presentation only proves that Binay is "very forthright" on what he has, adding that the former mayor and now vice president always files his SALN as required by law.
"Everything is on paper, everything is on record," he said.
He said Binay can refute all corruption allegations against him, with documents to back up his claims.
Binay is being accused of pocketing kickbacks worth 13 percent of the cost of every project in Makati City, including the allegedly overpriced Makati City Hall Building 2.
"Allegations are very easy to concoct, but numbers are very hard to refute. These are the numbers that we present, and these are the numbers that we stand behind," Remulla said.
Remulla said the children of Binay -- Senator Nancy Binay, Makati Mayor Junjun Binay, and Makati Representative Abigail Binay -- are also ready to subject themselves to scrutiny to disprove any corruption allegation.
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