Senate prepares for Corona verdict as defense, prosecution rest case
Senate President Juan Ponce-Enrile . JUNNY ROY / SENATE POOL
MANILA, Philippines – The Senate, acting as an impeachment court, is ready to give its verdict next week on Chief Justice Renato Corona after the defense and prosecution teams rested their case.
After 42 days, the defense and prosecution made a formal offer of evidence Friday, paving the way for the oral arguments on Monday and the Senate’s verdict on Tuesday.
“This case is now submitted for final resolution by this impeachment court subject to the oral argument of the two sides to be held next Monday at 2:00 in the afternoon,” said Senate President Juan Ponce-Enrile, who presides over the trial.
Enrile said the Senate would render its judgment on the case after the oral arguments or at the very latest on Tuesday.
Against the advice of his doctors, Corona returned to the witness stand and admitted owning around $2.4 million in four banks and another P80 million “co-mingled” funds in three peso accounts.
“Are you willing to reveal kung magkano ang laman ng iyong dollar accounts?[how much your dollar accounts are]” Senate Minority Leader Alan Cayetano asked Corona.
“Opo [Yes],” Corona answered, “Sa humigit kumulang $2.4 million US dollars [It was more or less $2.4 million].”
“Pero gusto ko pong ipaliwanag na hindi iyon ipinasok sa bangko ng P2.4 million. Yun po ay binili over so many years at yung exchange rate noong una akong bumili ay P2:$1 noong 60s [But I want to explain that the $2.4 million was not deposited entirely to the bank. It was bought over the years and the exchange rate then was only P2:$1 during the 60’s],” he said.
While it would appear that the value of his dollars was P90 million based on the current exchange rate, Corona said this was not the case because he bought it when the exchange rate was much lesser than the present P43: $1.
“We’re talking here of more than 35 years. Kumikita po ng interest yan [It earns interest],” he pointed out.
Corona said he did not touch his money because aside from living a simple life, he said he has “current extreme of income” which he uses for everyday expenses of his family.
“Kaya po kami maraming cash kasi buong buhay po namin…wala po kaming nabiling property. Lahat po ng pera namin ay nakatali sa cash [That’s why we have lots of cash because we are unable to buy property. All our money is tied with cash],” he said.
Besides, Corona pointed out that he had earned his dollars when he was still in private sector.
Without mincing words, the Chief Justice also admitted that he has around P80 million “co-mingled” funds in three peso accounts.
“Ang kwenta ko po ay humigit-kumulang mga 80, eight-zero, million pesos [May estimate was more or less P80 million]. Ito po ay (They are) co-mingled funds,” he said, this time, responding to Senate Pro Tempore Jose “Jinggoy” Estrada’s query.
He said the P80 million “co-mingled funds” consisted of about P34.7 million from the proceeds of the sale of the Basa Guidote Enterprise Inc., previously owned by the family of his wife, Cristina; another P10 million from its earnings over 11 years; P15 million from his daughter, Charina; P4 million from another daughter; Carla, P2 million from his son, Francis; an estimated P6.8 million interests earned by these funds from the Bank of the Philippine Island.
Corona admitted he did not declare both the dollar and peso accounts in his statement of assets, liabilities and net worth (SALN).
He said he did not declare his peso accounts because since he only managed it while he invoked the confidentiality clause in the foreign currency law for dollar accounts.
At the start of his testimony, Corona submitted his waiver allowing the opening of all his dollar and peso bank accounts without any condition. He even suggested to the Senate to summon the bank managers to the trial.
But the Senate decided not to act on it, saying it could not act as a “producer of evidence.”
