Assessors testify on Corona’s pricey condo units

AN ASSESSOR from Taguig City presented to the Senate impeachment court Thursday documents showing the tax declarations of Chief Justice Renato Corona’s high-end condominium units, which were not publicly declared for the years during which they were bought.
House prosecutors alleged that Corona concealed the existence of the Bellagio penthouse and the Bonifacio Ridge unit in his statement of assets and liabilities and net worth (SALN) in 2004 and 2009, respectively.
These properties were declared only in 2010 as the prosecution anchored its argument that Corona should be removed from office for betrayal of public trust in his failure to disclose some assets and cash deposits in his SALN.
During the trial, Engr. Roberto Villaruz, officer-in-charge of Taguig assessor’s office, said Corona’s Bellagio condominium unit has a fair market value of P5,827,200 and assessed value of P3,496,320.
Three parking spaces were also named under Corona, which has a fair market value of P240,000 and an assessed value of P144,000.
Last January, Giovanni Ng, finance director of Bellagio developer Megaworld Corp., testified the Coronas bought a 303-square-meter penthouse for P14.5 million in 2009 through three installments.
For the Bonifacio property, which was bought for P9.15 million, Villaruz presented a tax declaration showing that the unit has a market value of P2,369,980 and assessed value of P1,421,990.
He also turned over to the court a tax declaration on the P6.19-million McKinley Hill property named under Corona’s daughter Maria Charina. It was purchased in October 2008.
For his part, Rodolfo Ordanes, officer-in-charge of Quezon City assessor’s office, testified on the tax declarations of Corona’s properties in Burgundy Plaza, Xavierville subdivision, Ayala Heights, and the posh La Vista.
Earlier, lawyer Ramon Esguerra said Corona earned P26 million in the sale of his properties in La Vista and Ayala Heights in 2010.
The Chief Justice likewise owns a P3.5-million condominium unit in The Columns in Makati that was not listed in his SALN from 2003 to 2009 and was only declared in his 2010 filing. An assessor from Makati will be presented by the defense panel next week to submit a tax declaration on this property.
Debate on acquisition cost
Lacking in the equation, however, is the acquisition costs of the properties, which private prosecutor Jose Benjamin Panganiban said should be declared in the SALN.
Also, Panganiban said Corona is obliged to declare the acquisition costs with city assessor’s office under the Local Government Code.
“The properties purchased have different values in terms of acquisition cost and in terms of market values as reflected (in the SALN). There being a discrepancy, acquisition cost is higher,” he said.
But Villaruz said he is unaware if Corona made any such declaration.
At this juncture, Senator Aquilino Pimentel III stood and explained to the floor that assessors can make the declaration if the owner fails to list the acquisition cost.
This is provided under Section 204 of Republic Act 7160 (Local Government Code), which states that in case the property owner “refuses or fails for any reason to make such declaration within the time prescribed, the provincial, city or municipal assessor shall himself declare the property in the name of the defaulting owner, if known, or against an unknown owner, as the case may be, and shall assess the property for taxation in accordance with the provision of this Title.” (Virgil Lopez/Sunnex)

Source: http://www.sunstar.com.ph/manila/local-news/2012/03/15/assessors-testify-coronas-pricey-condo-units-211397

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Getting to the Clark Wine Center wine shop from Manila is quite simple: after entering Clark Freeport from Dau and Angeles City, proceed straight along the main highway M A Roxas. Clark Wine Center is the stand-along white building on the right, at the corner A Bonifacio Ave. From the Clark International Airport DMIA, ask the taxi to drive towards the entrance of Clark going to Angeles City. From Mimosa, just proceed towards the exit of Clark and this wine shop is on the opposite side of the main road M A Roxas.

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Clark Wine Center
Bldg 6460 Clark Observatory Building
Manuel A. Roxas Highway corner A Bonifacio Ave,
Angeles Clark Freeport Zone, Pampanga 2023
0922-870-5173 0917-826-8790 (ask for Ana Fe)

Wine@Yats-International.com

YATS Wine Cellars
Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 ask for Rea or Chay

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