Villar: Nothing wrong with owning offshore accounts

MANILA, Philippines - Nacionalista Party Sen. Manny Villar on Friday explained that nothing is wrong with maintaining British Virgin Islands (BVI) accounts.

In a letter sent to the Philippine Center for Investigative Journalism (PCIJ), Villar explained that the Awesome Dragon Holdings Limited is a US$1 shell company owned by his family’s investment holding company, Fine Properties Inc.

“It was put in place in 2007 to serve as a ready corporate vehicle for any strategic multinational business opportunity that may become available,” Villar said.

The PCIJ has reported that Villar is among the politicians who have BVI accounts.

Villar maintained that the particular shell company is “dormant and so it has remained up to now.” It also had no asset and with no more than its original capital of one dollar.

“While having a BVI company may be abused by some, there is actually nothing sinister about owning one, especially this company that was never used and has a capital of only a single dollar. This is being done by big companies worldwide,” Villar said.

Villar reiterated that the Fine Properties has been included in his Sworn Statement of Assets Liabilities and Net Worth (SSALN).

“Awesome Dragon Holdings Limited does not appear in my SALN because I do not own it - it is owned by Fine Properties, Inc. Fine Properties, Inc. has not made any investment in said company that would have required registration with the Bangko Sentral ng Pilipinas,” he explained.

“If and when it will, I assure you that I will see to it that all applicable rules and regulations are complied with,” said Villar, whose combined assets with wife, Cynthia, made them the richest lawmakers at the House of Representatives and the Senate.

The senator's wife is running for a seat at the Senate in the May elections.

Villar added that the BVI company was not used because he decided to concentrate in the Philippines. “As a businessman and eventually as a public official, I am proud to say that I invested heavily in the country economic-wise and generated employment opportunities for Filipinos,” he added.