Binay's net worth rose by P57M in 25 years

MANILA, Philippines - The camp of Vice President Jejomar Binay detailed his wealth on Wednesday amid calls for lifestyle checks on government officials accused of corruption.

According to the televised presentation of Binay's camp, the vice president's net worth was P2,527,724 when he was first elected as mayor of Makati City in 1988.

Lawyer Princess Turgano, Binay's legal counsel, said the vice president's source of income from 1989 to 1991 was only his government salary. His wife, Elenita Binay, had a flower business.

From 1992 to 1993, Binay earned over P4 million in additional income as professional fees for services he rendered before joining the government. This resulted to an increase of his net worth to P7,749,315.

In 1994, Turgano said the JCB Farms in Batangas commenced commercial operations. From that year until 2010, the piggery business earned Binay a total net income of P44,350,921.

Between 2001 to 2002, Binay acquired a property at the San Antonio Village in Makati City worth P4.5 million. From 2002 to 2006, improvements were made for the property worth P8.8 million.

In 2010, Binay had excess campaign contributions of P13,541,711. He also sold his piggery business in the same year.

As of Dec. 31, 2013, Binay has a net worth of P60,118,766. His total cash is worth P28.7 million while his real properties consist of 12 assets. 

At the end of the presentation, Binay's spokesman said his wealth was made public to dispel allegations that he has hidden wealth and properties.

"It has been reported that a lifestyle check must be undertaken by those who aspire for higher office. So, we thought that it will be best that we do it first to show that the Vice President leads by example," said Cavite Gov. Jonvic Remulla.