VP Binay’s net worth: From P2.5M in 1988 to P60M in 2013

As of December 2013, Binay listed as his properties two residential lots and a house in San Antonio Village, Makati; residential lot in Alabang Hills, Cupang Muntinlupa; residential lot in Victoria Homes, Tunas an, San Pedro, Laguna; residential lot in Shangri-la Subdivision, Calamba, Laguna; agricultural land in San Pascual, Laguna; agricultural land in Liang Pilar, Mariveles, Bataan; agricultural land in Cabagan, Isabela; residential lot in Balaytigue, Nasugbu, Batangas; and residential lot in Olo-olo, Lobo, Batangas, with a total worth of P13.878 million.

He also owns a Ford Club Wagon and Toyota Land Cruiser, subject to a lease-to-own contract since 2011,with a total worth of P11.167 million.  

Remulla challenged those accusing Binay of having other properties aside from what he declared in his SALN to present their evidence.

 

“Kung me makita sila whether beneficial or actual ownership, sa kanila na, we will donate it, we will give it basta sabihin nila na kay Vice President yun.  He is willing to give it up. He states categorically na wala siyang property dun, wala siyang condominium dun, na kung may makita sila outside of that SALN na sa kanya, he will give it up anytime,” he said. 

Former Makati Vice Mayor Ernesto Mercado earlier accused Binay of receiving 13 percent kickback from every project the city government entered into during his term. He said the amount was divided into three and given to then councilor Jejomar Erwin Binay, for their family's expenses; Ebeng Baloloy, for the older Binay's personal needs; and Gerry Limlingan, for Binay's campaign kitty. 

 

In 1988, Binay declared ownership of pieces of property in San Antonio Village in Makati; Laguna; Alabang Hills in Cupang, Muntinlupa; Tunasan, San Pedro, Laguna; Cabagan, Isabela; San Pascual, Batangas; and Bataan with a total value of P635,000.

 

His only source of income from 1989 to 1991 was his salary as Makati mayor while his wife owned Blooms and Bouquet  flower shop with a reported annual income of P500,000 in 1989; P317,077.67 in 1990; and P805,817 in 1991.

 

The shop sourced its flowers from a farm on a leased property in Rosario, Batangas. Lawyer Princess Turgano, who presented Binay’s SALN, said the rent paid by the flower shop for the land was duly reported in its audited financial statements.

 

Binay sold the Laguna property in 1989 and invested P400,000 in shares of stocks, resulting in a P341,298-increase in his net worth.

 

Because of the consolidated income of the Binay couple,  the then mayor’s net worth increased by P574,466.58 in 1990 and 1,025,067.86 in 1991.

 

Binay’s net worth in 1993 increased to P7.7 million or P3.2 million higher than his 1991 net worth due to the P1.038-million cash and P3-million worth of property paid to him in 1992 and 1993 as professional fees for services rendered before joining the government.

 

He started the commercial operations of his piggery business in Rosario, Batangas under the name JCB Farms in 1994. He earned a total of P44 million from 1994 to 2010 from his piggery business.

 

Turgano said JCB Farms was a mere lessee of a nine-hectare property in Batangas.

 

Binay acquired  another property worth P4.5 million in San Antonio Village between the period of 2001 to 2002 while from 2002 to 2006, he made improvements in the property worth P8.8 million.

Excess campaign contributions
 

When he ran for vice president in 2010, Binay received a total campaign contribution of P231.48 million. His total campaign expenses was P217.9 million which left him P13.541 million in excess.

 

He also disposed of his business interests in JCB Farms that year.

 

The excess campaign contributions and disposition of JCB Farms increased Binay’s net worth for 2010 to P58 million or P13.3 million higher than his 2009 net worth.

 

In 2012, Binay sold the P3-million worth property, earlier given to him as fee for his professional services, for  P8 million resulting in a higher net worth of P59.8 million.

 

Turgano said the total consolidated net income of the Binay couple as declared in their income tax returns was P83.1 million for which they paid taxes in the amount of P23 million.

 

Remulla said Binay was willing to pay taxes for the excess campaign contributions if the Bureau of Internal Revenue would order him to do so. Remulla said there was still no ruling on the matter.

 

“Walang BIR ruling so hindi namin alam kung kailangan o hindi (magbayad). Nakareport naman sa Comelec ang campaign expenses ni Vice President,” he told reporters.

 

Asked if Binay will not return the campaign contributions he received to the donors, Remulla said there was no order to do that.

An asset, not an income
 

“Under the law, sa kanya na yun kasi yun ang law ng Comelec so, as far as taxes, we are waiting for Comelec ruling on it and there is none so far,” he said.

 

He said the excess campaign contribution was not considered an income but an asset.

 

“That is what the BIR has to differentiate, whether that is income or not. It can be considered an asset but not income. It’s a fine line what the BIR construes as income and not. Hindi pa namin alam. We don’t have a clear definition of what constitutes which,” he said. —NB, GMA News