LORD OF MAKATI by: Grace Go Can Binay explain his wealth? In less than a decade, Jejomar “Jojo” Binay, former chair of the Metro Manila Development Authority (MMDA) and former mayor of Makati, accumulated at least P80 million worth of real estate properties in Makati and Batangas, which he kept undeclared, our investigation shows. The amount excludes P12 million in declared investments, as well as other businesses that he and his friends reportedly control through dummy corporations. After serving as mayor for 12 years, Binay now owns a 66-hectare farm in Rosario, Batangas—estimated to be almost double the size of the Ayala commercial center in Makati—according to our investigation. Based on conservative estimates of the land value alone, the property—excluding improvements—is worth about P23 million. In addition, Binay and his wife, Elenita, current Makati mayor, also own at least two Hidalgo condominium units, located inside the posh Rockwell Center in Makati. A 208-squae meter unit in Rockwell, like the ones occupied by each of the two Binay daughters, costs around P28 million. The three properties alone, worth at least P79 million, were never declared in the couple’s statement of assets and liabilities.
Posted on: Mon, 03 Mar 2014 23:43:16 +0000
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