'Binay got up to P651M from Boy Scouts, Alphaland deal'
MANILA, Philippines — Vice President Jejomar Binay allegedly got up to P651 million kickbacks from a deal between property developer Alphaland and the Boy Scouts of the Philippines, former Makati City Vice Mayor Ernesto Mercado told senators on Wednesday.
During the resumption of the Senate inquiry on corruption allegations against Binay, Mercado claimed that the Boy Scouts was supposed to receive P600 million from a joint property development venture but the amount has not been turned over.
He alleged that Binay, his political foe, allegedly received P200 million from the deal and used it to fund his campaign for the 2010 elections.
READ: 'Binay used Boy Scout kickbacks to fund 2010 campaign'
According to Mercado, the money was "hidden" under Noble Care Management Corporation owned by Babes Oreta.
He said that Alphaland loaned P100.4 million to Noble Care in 2008.
"Ang Alphaland shares na in-issue sa Noble Care noong November 11, 2010 ay ibinigay at par value o P10 per share," Mercado said.
Mercado added that the price of Alphaland shares during the time was P65 per share.
"So ang halos P9 million shares na binigay sa Noble Care ay hindi lang nagkakahalaga ng P89 million kundi higit sa P651 million," Mercado explained.
The former Makati Vice Mayor based his statement on the price of Alphaland shares in the stock market.
"Ang pinakamababang bentahan ng Alphaland shares sa stock market ay nasa bandang P15 per share. Samakatuwid, kung naibenta na ang shares at kung kailan nabenta ang shares at kung kailan nabenta ang mga ito, ang kickback ni VP Binay mula sa Alphaland shares ay maglalaro sa P280 million sa presyong P20 per share hanggang P700 million sa presyong P60 per share," Mercado said.
On the other hand, the Boy Scouts earlier denied Mercado's claims that Binay received kickbacks from the deal with Alphaland. A criminal complaint was filed against the former Makati City vice mayor.
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