The alleged Billions of the Binays (from AMLC report)

James Ryan Jonas

Citing a report from the Anti-Money Laundering Council (AMLC), the Philippine Daily Inquirer reported today that “a total of Php11 billion” had been recorded in the bank and investment accounts of Vice President Jejomar Binay, his alleged dummies, and his son Makati City Mayor Jejomar Erwin “Junjun” Binay Jr. since 2008.
At one point, more than Php630 million were deposited — all in just one day — in the bank accounts of the alleged Binay dummies. The alleged dummies were named by the AMLC as Gerardo Limlingan, Mario Oreta and Bernadette Cezar Portollano, who received a combined Php630 million on October 14, 2014.

Billion peso transactions (as per AMLC report)

Here’s a summary of multi-billion peso bank and investment transactions discovered by the AMLC, whose report was used as basis by the Court of Appeals to order 242 bank and investment accounts of the Binays and their suspected dummies frozen as of May 11.

Between August 20, 2014 and January 2015Php 3.4 billionTotal amount withdrawn from the accounts of VP Jejomar Binay, Gerardo Limlingan and Eduviges Baloloy
Between September and December 2014Php 1.2 billionMoney transferred from the accounts of Limlingan and Baloloy to another account

Between August 26 and November 26, 2014Php 909.2 millionAmount of securities sold under the names of Limlingan and Baloloy
Between September 12 and October 22, 2014Php 585.8 millionWithdrawn in over-the-counter transactions from the accounts of Limlingan and Baloloy
Between August 22, 2014 and January 12, 2015Php 565.8 millionEncashments of checks
October 14, 2014Php 315.5 million; Php 221.4; Php 45.0 million; and Php 49.1 millionTotal of Php 630 million cash deposited in just one day in various bank accounts of Limlingan, Mario Oreta and Bernadette Cezar Portollano
October 15, 2014Php 79.6 millionCash deposit made to alleged dummy accounts on the next day
Between October 1 and 17, 2014Php 67 millionWithdrawals in bank accounts
September 1, 2014Php 30 millionMutual fund investments under the names of Limlingan and Baloloy sold that day

The AMLC report claims that “Limlingan, Baloloy and other persons associated with the Vice President made massive withdrawals of funds and pretermination of investments” soon after the Senate Blue Ribbon subcommittee conducted hearings on the Makati City parking building.
From August 20, 2014 and January 2015 alone, more than Php 3.4 billion of total withdrawals were recorded in the bank accounts of VP Binay, Limlingan and Baloloy.

Explanation from the Binays

In April 2015, Makati Congressman Abigail Binay, daughter of the Vice President, already came forward to explain and account for the Php630 million deposited in the bank accounts of Vice President Jejomar Binay from 2007 to 2014.
According to Rep. Binay:

  • Php330 million came from JCB Farms, a piggery business which the Vice President started in 1994 with a P400,000 capital;
  • Php14 million came from Jejomar Binay’s salaries as a public official from 1986 to 2013;
  • Php4 million were collected as professional fees from the law practice of the Vice President;
  • Php49 million were earned by wife Elenita from her flower shop business, Blooms and Bouquets;
  • Php13 million came from excess campaign contributions of the Vice President

The amounts, though, add up only to Php410 million — still short by Php220.9 million that was said to have been deposited in the bank account of VP Binay.

Lawsuits against press and bank employees

Yesterday when news of frozen bank accounts was reported by newspapers, the camp of the Vice President threatened to file a lawsuit against media networks and banks that purportedly violated the confidentiality rules of the Anti-Money Laundering Act (AMLA).
Binay’s counsels and spokespersons maintained that such proceedings should have been kept in strict confidentiality as provided by law, citing Section 14 of the Anti-Money Laundering Act (AMLA).
Atty. Claro Certeza, Binay’s counsel, said that those “brazenly violating” the confidentiality rule of AMLA may be “liable for contempt, as well as criminal prosecution”.
The Inquirer, in turn, published in full a letter they received from the office of Certeza threatening to “prosecute to the fullest extent of the law any party who will otherwise publish a report and/or comment on the report of the AMLC and the Order of the Court of Appeals”.
News and Image source: Philippine Daily Inquirer

James Ryan Jonas teaches business management, investments, and entrepreneurship at the University of the Philippines (UP). He is also the Executive Director of UP Provident Fund Inc., managing and investing P3.2 Billion ($56.4 Million) worth of retirement funds on behalf of thousands of UP employees.