BUSINESSWORLD (PHILIPPINES): Can Estrada explain state of his finances?

None of these assets, however, are listed in Mr. [Joseph Estrada]'s declaration, even if he and his wife jointly own 70% of JELP's shares. Moreover, none of JELP's liabilities of P188 million are declared in Mr. Estrada's statements. Presumably, some of this money went to the acq...

Full description

Saved in:
Bibliographic Details
Published in:Business world (San Juan, Philippines) Philippines), 2000-07, p.1
Main Author: YVONNE T. CHUA, SHEILA S. CORONEL AND VINIA M. DATINGUINOO
Format: Article
Language:English
Subjects:
Ejercito, Joel O
Estrada, Joey G
Estrada, Joseph
Families & family life
Financial statements
Gomez, Guia
Income tax returns
Income taxes
Jacinto Ng, Sr
Net income
Presidents
Public officials
Online Access:Get full text
Tags: Add Tag
No Tags, Be the first to tag this record!
Description
Summary:None of these assets, however, are listed in Mr. [Joseph Estrada]'s declaration, even if he and his wife jointly own 70% of JELP's shares. Moreover, none of JELP's liabilities of P188 million are declared in Mr. Estrada's statements. Presumably, some of this money went to the acquisition of nearly P90 million worth of real property in 1998 alone. It would interest Filipinos which banks, institutions or individuals lent Mr. Estrada so much money in the year of his election. Incorporated on Nov. 18, 1992, a few months after he was elected vice-president, JELP began operating with a paid-up capital of P14.4 million, only P3 million of which was in cash. It is difficult to determine how the company built up its asset base and how it funded its real estate purchases from 1993 to 1996 because it has not complied with SEC requirements to file annual financial statements. It was only in 1997, a year before Mr. Estrada ran for the presidency, that JELP filed its financial statements. By then, it reported assets of P116.3 million, of which P58.8 million was real property. In 1998, the year Mr. Estrada became president, JELP reported assets of P194.2 million, an increase of nearly P78 million despite the Asian crisis and the slump in real estate prices. Of these assets, P147.2 million was real property. In the course of several months, PCIJ obtained and examined 66 corporate records in which Mr. Estrada, the women linked to him, and his children are listed as incorporators or board members. Altogether, these companies - 31 of which were set up during Mr. Estrada's vice-presidential term and 11 since he assumed the presidency - had an authorized capital of P893.4 million when they were registered. The President and his family members had shares of P121.5 million and paid up P58.6 million of these when the companies were formed.
ISSN:0116-3930