Binay richer by P7 M

Manila, Philippines -  Vice President Jejomar Binay became richer by more than P7 million after 18 months in office based on three separate statements of assets, liabilities and net worth (SALNs) he had submitted to the Office of the Ombudsman.

Records show Binay started with a net worth of P58.762 million, which went down by little more than P666,000 after his first six months in office because of tax payments.

In his latest SALN filed with the Office of the Ombudsman last month, Binay said he has a net worth of P65.144 million as of Dec. 31, 2011.

In Binay’s first two SALNS submitted in August 2010 and in April 2011, the value of his automobiles was declared to be P1.567 million.

In his latest declaration, Binay said he owns a Ford Club Wagon and a Toyota Land Cruiser worth P9.6 million.

He is yet to pay them in full based on a lease-to-own contract.

Binay’s cash on hand and cash in bank also went up from P17.5 million in his first two SALNS to more than P21.339 million as of Dec. 31, 2011.

Binay’s real properties remained the same with eight residential lots, a house and three agricultural lands in Makati, Muntinlupa, Laguna, Cavite, Batangas, Bataan, Isabela, and Batangas.

His business investments, particularly the flower shop of his wife Elenita, went up a little from P4.053 million to P4.193 million.

In total, the value of Binay’s personal and other properties increased from P42.712 million in 2010 to more than P48.266 million in 2011.     

Binay was mayor of Makati before he was elected vice president in May 2010.