Antonio Tiu paid P11M downpayment for Batangas property

An aerial view of the 350-hectare agriculture estate in Rosario, Batangas province, that has a garden patterned after London’s Kew Gardens. CONTRIBUTED PHOTO BY ERNESTO MERCADO

MANILA, Philippines—Chinese-Filipino businessman Antonio Tiu told a Senate hearing on Wednesday that he paid an P11-million downpayment to buy the controversial property in Batangas province, which is being linked to Vice President Jejomar Binay.

Responding to queries of Senate Majority Leader Alan Cayetano during the hearing of the Senate blue ribbon subcommittee, Tiu said he paid P11 million as downpayment for a 150-hectare property in Batangas, which costs P446 million.

Former Makati City Vice Mayor Ernesto Mercado earlier told the subcommittee that the property was 350 hectares with an estimated amount of P1.2 billion. He claimed that the property belonged to the Vice President.

“The total downpayment made so far is P11 million,” Tiu said, responding to Cayetano’s question.

“For P446-million property, P11 million pa lang binabayaran n’yo? Nasa TV kayo araw araw, (at sinasabing) akin na ‘yan,” Cayetano asked.

(For a P446-million property, you have only paid P11 million? You are on TV every day claiming that that property is already yours.)

“Nasa pangalan na po kasi (It’s already in my name). Meron na pong usufruct rights,” said the businessman, referring to his earlier statement that he had already bought the usufruct or right to use the land.

But Cayteano pointed out that it was just usufruct but the title of the property was not yet under Tiu’s name.

Asked by Senator Aquilino “Koko” Pimentel III, chairman of the subcommittee, if he has made any other payments for the land aside from the downpayment, Tiu said he also issued postdated checks amounting to P446 million, including the downpayment.

Tiu is the owner of the Greenergy Holdings Inc., the majority shareholder of the Sunchamp Real Estate Development Corp, which he said owned the Batangas property.

He has repeatedly denied acting as front for the Vice President.

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