Corona says dollars earned in interest, produces waiver

Manila—About $2.4 million in four banks and another P80 million in three accounts.

Chief Justice Renato Corona admitted yesterday to owning these accounts, but quickly clarified to the Senate impeachment court that the $2.4 million was not a one-time deposit but was accumulated over the years.

The Chief Justice made good on his promise to return to the Senate session hall after last Tuesday’s abrupt exit, which landed him a two-day hospital stay and declared “under watch” for a possible heart attack.

On his return to the Senate, Corona apologized to the senator-judges for his hasty departure from the witness stand and signed an unconditional waiver authorizing scrutiny of all his bank accounts.

During the testimony Corona also accused Ombudsman Conchita Carpio-Morales of allowing herself to be used by the Palace in order to persecute President Benigno Aquino III’s political enemies, a charge the Ombudsman strongly denied (see related story on Page 35).

“Humigit kumulang po $2.4 million. Iyon po ay binili over so many years(It was more or less $2.4 million.That’s what we bought over the years),” Corona said, responding to a question by Senate Minority Leader Alan Cayetano.

Corona said he started investing in foreign exchange in 1960s when the exchange rate was P2 to $1.

“We’re talking here of more than 35 years na kumikita ng interest (of compounded interest),” he said.

Co-mingled funds

When asked by Senate Pro Tempore Jose “Jinggoy” Estrada about his money in peso bank accounts, Corona gave an estimate of P80.7 million.

Corona, in his testimony last Tuesday, claimed that he had three peso accounts.

But he said it was a “co-mingled” fund from the proceeds of the sale of the Basa Guidote Enterprise Inc., previously owned by the family of his wife, Cristina.

The P80.7 million in peso deposits, mostly in co-mingled funds, were broken down as follows:

* The P34.7 million proceeds from the sale of the Sampaloc lot owned by Basa Guidote Enterprises Inc.

* The 10 million his deposit earned in interest over 11 years

* The P15 million savings of his daughter Charina entrusted to him and Cristina before she left for the US ten years back

* The P6-8 million in “co-mingled funds” now deposited in a Bank of the Philippine Islands account

* The P4 million earnings that daughter Carla, a licensed physical therapist, earned in the US

* The P2 million in savings from son Francis.

Confused

In submitting his unconditional waiver, Corona said he won’t wait for the waivers of the 189 lawmakers whom he earlier challenged to sign along with him in exchange for allowing the examination of his bank accounts.

But House prosecutors, who had been demanding the waiver, showed little interest, prompting Senator-Judge Francis Escudero to wonder. “I’m confused,” Escudero told the prosecution.

He said senators had to vote on whether to respect the Supreme Court’s temporary restraining order on Corona’s dollar accounts.

“But now that it’s opened, it seems that no one is interested all of a sudden. I cannot understand that … I’m urging both sides, for the sake of the country and the public, to make use of this opportunity.”

Rep. Niel Tupas Jr., the lead House prosecutor, said it is no longer necessary as the prosecution has already rested its case. He added they would rely on the report by the Anti-Money Laundering Council, which formed the substance of Ombusman Conchita Carpio-Morales’s previous testimony.

The defense has questioned the validity of the AMLC report, which, according to Morales, showed Corona had amassed from $10 million to $12 million in 82 accounts in five banks.

Corona said the children co-mingled their savings with those he and Cristina had since higher deposits earn higher interest.

Figures

He also mentioned the “Coronado fund” entrusted to him by his late mother before she succumbed to cancer in 1995.

He said this fund, the amount of which he did not specify, was used for his mother’s cancer treatments and funeral expenses.

The remaining balance is now being used to finance his elder brother Arturo’s medications and hospital expenses for his heart condition and scoliosis.

Corona denied Morales’ earlier testimony that he had 82 dollar accounts that contained “fresh deposits” worth about $12 million.

Corona said he and his wife did not withdraw the interest payments their deposits earned, thereby allowing their funds to grow even more.

“There was no Foreign Currency Deposit Act back then when we already invested in dollars,” he said.

At this point, private prosecutor Mario Bautista was seen staring at the ceiling and seemed to be calculating the figures he just took in.

‘Not a walkout’

Before the trial began, Corona apologized to senators and the public for having to abruptly leave the trial last Tuesday.

He said it was not a “protest or walkout,” since he failed to read two pages remaining in his opening statement, despite spending three hours on the floor.

A hep-lock was still protruding on Corona’s left hand, a precaution in case he would need intravenous fluid in the course of his testimony.

Enrile, the presiding officer, accepted Corona’s apology and said the impeachment court was taking judicial notice of his medical condition as revealed by his doctors through the media.

Corona submitted the waiver on his assets before fielding questions from senator-judges for about two hours.

The move prompted senators to halt the proceedings and tackle the matter in caucus for more than 30 minutes.

When the session resumed, Enrile told the Chief Justice that the court would only take “note of the waiver, but we can’t act on it.”

The Senate acting as an impeachment court is set to hand over its verdict next week.

Both the House prosecution team and Corona’s lawyers rested their case and will deliver their oral arguments on Monday.

Senate President Juan Ponce Enrile said they will decide on the case on Tuesday at the latest. Inquirer