VICE-PRESIDENT Jejomar C. Binay is in the news (or in the hot seat to be more precise) after officials of Makati City linked him to the alleged rigging of bids for multi-million government projects.
Binay, whose political career was launched by the 1986 EDSA People Power Revolution, has been the subject of a Senate probe over claims by Makati City officials, including Engineer Mario Hechanova, former head of the Makati General Services Department, who had claimed during a hearing that he received at least P200,000 as monthly allowance to help in the rigging of project bids.
Under the Plunder Law or Republic Act No. 7080, the aggregate amount or total value of a public officer’s alleged ill-gotten wealth should be at least P50 million. Originally set at P75 million, the reference amount was reduced in 1993. Ironically, the law was passed after former President Ferdinand E. Marcos was ousted amid claims that he and his wife had amassed billions in ill-gotten wealth. Binay was one of the lawyers who fought the dictatorship.
VICE-PRESIDENT JEJOMAR C. BINAY, left, with President Benigno S. Aquino III | PCOO Photo
READ MORE ABOUT PLUNDER HERE ON OUR MONEY POLITICS WEBSITE
What is the wealth of Binay?
In 17 years as an elective official, Binay’s wealth has grown over 500 percent from P8.8 million in 1994 to P57.9 million in 2011. He reported the highest uptick in his net worth six months before he took office as vice president. Between December 2009 and June 2010, Binay’s personal assets grew by P13.4 million, at the same time that he said he settled liabilities worth P566,665.95.
Know more about Binay’s wealth, campaign spending and contributions, and his social connections on our Public Profiles section on the PCIJ’s MoneyPolitics website.