Corona admits $2.4M, P80M in bank deposits

Chief Justice Renato Corona

MANILA, Philippines – Chief Justice Renato Corona admitted on Friday owning around $2.4 million in four banks and another P80 million.

But Corona, testifying before the Senate, acting as an impeachment court, quickly clarified that the $2.4 million was not a one-time deposit but was accumulated over the years.

“Humigit kumulang po $2.4-million [It was more or less $2.4 million],” Corona said, responding to a question by Senate Minority Leader Alan Cayetano.

“Iyon po ay binili over so many years [That’s what we bought over the years],” he said.

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

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

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 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.

He said the “co-mingled” fund consists of the P34.7 million from the BGEI proceeds, another P10 million from its earnings over 11 years, P15 million from his daughter, Charina; P4 million from another daughter; Carla, and P2 million from his son, Francis.