How CJ Corona Got His Posh Condo
I have not yet mentioned here about my three-month old blog entitled “Unleashed:” where I post “My Take On The News” about governance, business, culture, education, politics, etc. In my new blog, I already had a few posts about the impeachment of Chief Justice (CJ) Renato Corona as developments in the most anticipated event get published in our mainstream media, most recent of which were about his posh 303.5-square meter posh condominium unit at Bellagio 1 in The Fort, Taguig City.
CJ Corona’s posh condo is the subject of one of the eight articles of impeachment which will be tried in our Senate acting as impeachment court starting January 16, 2012. Much has been published about the controversial piece of property but none of them compared to an investigative post I chanced upon during my blog hops yesterday. The article entitled “Realty broker: Corona’s posh condo “a steal” at P14 million” was written by Raïssa Robles and gave a detailed documentation of the transactions involving the property.
The article I refer above is so far the most comprehensive I’ve read regarding the issue and below are some of the facts revealed in the investigative report about the controversial condominium unit:
- Unit 38-B of Bellagio 1 Condominiums with 303.5-square meter (sq m) area plus Parking Slot Nos. 50, 51 and 52, each measuring 12.5 square meters, was grossly below prevailing market prices when it was sold to CJ Corona in December 16, 2009 at a total of PhP14,510,215.00 or PhP42,521.99 per sq m only. Premium grade condominium units in The Fort, Taguig City were selling from a low of P88,000 per sq m to a high of P115,000 per sq m at that time.
- The Withholding Tax (WT) and Documentary Stamp Tax (DST) paid for the transaction amounted to PhP725,511.25 and PhP217,655.00 respectively using the PhP14,510.215.00 selling price in the Absolute Deed of Sale. Had PhP80,000 per sq m zonal value been used, the taxes would have amounted to PhP1,364,000.05 WT and PhP409,200.00 DST. Therefore, the total tax paid for the transaction in the amount of PhP943,166.25 was short of PhP830,033.80
- An Absolute Deed of Sale executed in December 16, 2009 was used as basis for the issuance of Condominium Certificate of Title (CCT) No. 164-2010000062 to Spouses Cristina Corona and Renato Corona covering the property. CJ Corona, in a document submitted to Senate as reply to the impeachment charges, admitted owning the posh condo unit that he and his wife purchased on installment basis. The absolute deed of sale seems to belie his admission unless an earlier “Contract To Sell” covered the transaction. Contradiction ensues because it was also in the news that CJ Corona is still paying for his condo unit in installment.
The referred article was well-written and easy to understand but I still decide to make this short summary for my readers who may not have enough time for the lengthy post. This is also my way of helping spread the facts about CJ Corona’s post condo unit.
Ahh…the tax alone can pay for a house unit we can actually live in!
wow! dapat na ngang Koronahan na ng tinik si CJ wew tama yan Pnoy, ituloy ang tuwid na daan:)
that’s really a posh condo. i agree with cecile, tax pa lang, bahay na.
How in the world Renato Corona did afford to buy a condo unit like that? I agree with Cecile too. At over 940K, you can make your own home. Justice must prevail in the impeachment trail.
well, nicely summarized take on the properties mentioned po Sir Ed. thanks for this. As of now, I would still want to see how the impeachment will be heading as opposed to a grandiose trial by publicity.
We all have to wait for the verdict of the impeachment court but posting results of investigative work done is not necessarily trial by publicity.
greed really destroy our government… why do Filipinos suffer the same fate over and over again?… having corrupt people in the Philippine offices. kung magigising lang sana tayo, di tayo mapag-iiwanan ng ibang bansa… isa tayo sa pinakamatatalinong lahi… sayang… sa panlalamang ginagamit… di pa naman ako nawawalan ng pag-asa… Yahweh bless.
that’s a lot of numbers. shame on the greedy/abusive/self-centered people.
This issue is not new to me at all. Corruption in the country is part of the culture in terms of politics.Working with the government for foreign investors who comes to our country to invest is not easy. In order for them to access with the government, they will feed the govenment (the politician or the person assign in that department) by giving them one unit of condo, cash and etc. Just to do business in the Philippines and get more access from the country.
We Filipinos learnt from the past officials. The more we exposed them in the public the more people will put them urge them to go to jail.
One thing kind of bothers me – there doesn’t seem to be any media report on whether these people were impeached or not, sent to jail or not, made to eat broken glass or not. Just kidding about the glass bit.
tsk tsk tsk!
This one has to do his time and if not..the justice system really sucks. 🙁
There are so many people who could make use of that money or maybe make houses for those who lost theirs from the calamity.
I’m not a fan or follower of CJ Corona. I won’t prejudge him because of this condo, and other allegations pushed against him. I will give him a fair chance to prove himself before the august high court of his “innocence” I have a hunch that he will be free and all accusations filed against will be left to oblivion. If your intelligent enough you may sense what I mean. Malacañang is getting mild and mellow!
shouldn’t taxes be going back to the Filipino people, rather than getting posh condominiums?
(Comment version 2) I was saying earlier how it really annoys me to read about how “garapal” these people are! Just heard on the radio that he still refuses to step down and wants to battle it out til the end. His supporters are holding masses for him pa. How ironic!!! I hope he gets impeached soon. Sorry na lang sa mga supporters niya!
How can justice be meted if CJ Corona will step down as you want him to do. It can be misconstrued as an admission of guilt. They accused him then they have to prove it .He deserves his day in court as an accused. he had to clear his name. The position of the CJ is no ordinary position he had to go guilty or not guilty. What more i am amazed by senator Trillanes claim that he will be basing his decision not only on the merit of the case but also a political decision or what is good for the people. What if the cases filed against him is without merits and he was found not guilty of all the accusation but most of the people wanted him out because that is what they want will he vote on the guilty verdit. How is that.
Agree with Cecile too. Tsk
After him, who’s next? Yes, this is not new. This is normal to the system of our government. And our country is the one that is suffering. Ikulong na yan nang mabawasan na ang korakot! Haha.
hhmmm its kinda funny coz, we Filipinos focus on each other’s flaws and make it a big hit, than to the good deeds others make… kinda sad but it’s true… after few months that issue will be forgotten like the others..
I did not make this post to make fun of the accused but to present facts for my readers’ scrutiny.
Tama at Mabuhay ka EdZee, Malaking tulong talaga ito dahil summarized at madaling unawain….Thanks & God Bless You & Raissa…
This is not new to Filipinos ,we have almost all the corrupt officials in the government .isa lang siya sa iilan na pinalad na napag ukulan ng pansin ng Pnoy Government. as i said to my other comments .why noy point finger at himself(pnoy) first bago yung sa iba. sana lahat ng corrupt art hindi iilan ay maparusahan especially the GMA family.
Honestly, mas maraming kurakot at kung ano ano pa kesa dyan kay Corona. a 14M condo is nothing compared to the 100M houses that others get.
I suggest that you name names. It’s not good to just say like that.
Dear Kay, ang tanong ko sa iyo.,Dahil ba nagcorrupt ang iba nang 100 million ay ganito rin ang gawin mo? Tulad ni corupna? Name names para maliwanag at maisalang?
ILABAS, ILANTAD, at Sabihin ang buong katutuhanan corona at nang maliwanagan ang bawat isa dahil nakakaDUDA na pagsasawalangkibo mo CORONA coz that will means GUILTY, GUILTY….
so much for a condo!
sana liitan lang ang tax… kaya pala palaki ng palaki ang sinisingil dahil palaki ng palaki ang mga condo at parami ng parami ang kurakings!
let’s not jump to conclusions people. Raissa Robles may have written down a good article but like any other journalist, she too has her own biases. Let’s wait and see during the impeachment trial.
At first I thought that he is really bullied by our present government but after hearing that he didn’t file his SAL well I change my mind, the government are forcing a small entrepreneur to file while these officials can’t file. An official that have a hidden wealth must be something fishy.
ang yayaman talaga!
l don’t. know how this people like corona et. al. could afford to used their knowledge & intelligent to corrupt the money of the people gayon mayaman naman sila kong tutuusin. Akala mo maamong tupa pero kabaliktaran pala ang ugali, GANIB at GAHAMAN sa PERA at KAPANGYARIHAN. Maliwanag pa sa sikat nang araw ang pandaraya at paggamit nang kapangyarihan para maka MURA sa penthouse deal na ito sa megaworld, pati Capital Gain Tax at Documentary Tax na dapat bayarann ay dinaya at hinukos focus para maka MURA…
I agree with Kay a 14 Million condo is nothing for an accomplished lawyer like Corona. Lawyers have a lot of other source of income. Not that I condone Corona but let the man have his day in court.
oh my dear! and three parking spaces?! that alone I bet made the price go up by millions.
will wait for your summary article ed.
another one’s got the dust. when you’re a public servant, or working on a public office, isn’t it just to at least be sensitive to the nation? Yeah you can keep living a good life, but having more than enough?
First of all, I am a follower of Raissa Robles – smart and thorough in her research and interviews on the political arena. Second, I pray that the impeachment be conducted properly and with order that follows what rules the Senate imposed in the first place. This is going to be historic… brilliant side against brilliant side.
I really wonder and made me think why CJ corona or his wife bought all these condos. Bakit condo? Lahat na yata ng mga posh condos ng iba ibang developers ay meron silang unit. Whether they sold it back after acquiring it, the question still is why all these condos. Why not buy a lot or house and lot? Why these condos? Napapaisip tuloy ako if these are not gifts by developers to CJ Corona in exchange for something.
It is clear to me that the prosecution is not as good as the defense in presenting their case. But nonetheless, the evidence presented by the prosecution are so overwhelming that they cannot be disputed. All the defense can do with all their trial expertise is hanapan ng butas ang kaso at ipanalo sa technicalities. Whatever the defense do, it is still obviously clear, all these properties cannot be explained how they were acquired, the resources of how they were being acquired, etc. And to think nasa article 2 palang and pinipresenta.
Sad to say, with all fairness that I could think of, CJ corona is guilty. He should resign for what is left of his dignity.
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