Corona’s cash advance from BGEI legal—defense

MANILA, Philippines – The P11 million cash advance of P11 million by Chief Justice Renato Corona from his wife’s corporation, Basa-Guidote Enterprises Inc. (BGEI), is legal, the defense said on Wednesday.

Attorney Karen Jimeno, defense spokesperson, said in a press conference that BGEI was a legitimate corporation and was not yet dissolved.

The company only had its registration with the Securities and Exchange Commission (SEC) revoked, which did not mean that it was no longer operating and conducting its business activites, Jimeno said.

BGEI was capable of giving a loan despite not being registered with the SEC, which meant that there was nothing wrong with the declaration by Corona in his Statement of Assets, Liabilities and Net Worth (SALN), Jimeno said.

Lawyer Tranquil Salvador said that the P11 million came from a legal company and was properly declared in the SALN “and was paid every year as declared in Corona’s SALN.”