Villar’s Throwing Stones in a Glass House!

By Frank Wenceslao, GlobalBalita.com

1. GlobalBalita.com listed Villar to have certainly come a long way from selling seafoods in the market to be a national leader and businessman today who has now a net worth of $940 million and is fifth of 40 richest Filipinos. He owns Vista Land, a real estate development firm that according to Mrs. Cynthia Villar, a congresswoman herself, has developed 200,000 housing units across all Filipino income classes.

Villar was Speaker and Senate President when his net worth grew beyond the realm of statistical probability and his incredible wealth was amassed to have been “acquired from a process or series of actions through which income of illegal origin is concealed, disguised, or made to appear legitimate (main objective); and to evade detection, prosecution, seizure, and taxation.” This is the US Justice Department’s weapon of choice against the Mafia, drug lords, terrorist financiers, and government corruption that Villar would face whether he wins the presidency or not.

Firstly, I wish to ask: Could Villar explain satisfactorily to the world his personal fortune of $940 million hasn’t been helped by his government positions because he hadn’t inherited wealth which could’ve been his capital to catapult the incredible growth of his business? Niloloko ba ni Villar ang bansang Pilipino?

2. Villar is richer than George S. Ty with net worth of $870 million despite the fact he is the founder of Metrobank (the biggest Philippine bank for decades prior to the merger of Equitable-PCI and Banco de Oro and the first to establish a branch in Taipei and only branch in China). Ty is Toyota’s partner in Toyota Motor Philippines, No. 1 in local automotive sales; he owns Marco Polo Hotel in Cebu (formerly Cebu Plaza Hotel) and a flourmill among other solid investments.

Secondly, I wish to ask: Would Villar agree to open his books to a highly reputable team of CPAs led by Cora de la Paz Bernardo and David Balangue, as their public service, to audit Villar’s sources and application of funds in building up his assets, liabilities and $940 million net worth from his first election to the House of Representatives and prove beyond doubt his net worth didn’t come from income of illegal origin based on the above USDOJ criterion?

3. Beting Dolor, San Francisco’s Philippine News columnist, pointed out that Philippine ad industry records show Villar has spent about P300 million ($6.50 million) a month prior to filing his certificate of candidacy. At this rate, Villar will spend from January to voting day more than One Billion Pesos (over $20M) for ads alone without considering cash or logistics in kind farmed out to local NP candidates, campaign staff, election watchers and costs of transportation, board and lodging when they travel away from home.

Thirdly, I wish to ask: With such enormous campaign expenditures isn’t Comelec’s duty to find out Villar’s sources of expenditures and contributors and allow voluntary accounting firms such as SGV, Price Waterhouse, etc. to monitor campaign expenditures such as Villar’s if the Omnibus Election Code is violated and disqualify candidates violating the law to start electoral reforms?

4. The Anti-Graft League of the Philippines sent Pamusa from Diaryo Magdalo that of all candidates for the presidency, “Senator Villar is the most impassioned” who has spent more than Two Billion Pesos (over $40M) even before filing his certificate of candidacy. Yet Villar unashamedly claims starting his business as fish and shrimp vendor, which behooves one to wonder:

Fourthly, I wish to ask: How many kilos of fish and shrimps Villar sold to generate start-up capital for his real estate development business that he’s even overtaken the Lopezes with multibillion assets such as Meralco, ABS-CBN, etc. in the list of 20 richest Filipinos?  How did Villar do it or would his business acumen translate to the country’s progress as it did himself? Did Villar conduct his business fairly and above board?

5. When Villar was Senate President, he’s accused of earmarks in the general appropriations bill (Budget) during the bicameral conference committee deliberations for the right-of-way of the C-5 extension expropriated from his subdivisions. Yet, the fact that C-5 runs through those subdivisions to raise the market value of houses and lots sold by Vista Land and subsidiaries, which should’ve been for Villar to donate the ROWs for free to the government as quid pro quo.

Villar got enmeshed in another road scandal. This time, it is in Daang Hari, an eight-lane road from Laguna to Cavite passing through Muntinlupa, Las Piñas and Bacoor. It couldn’t have been coincidence that Daang Hari passes through over 20 subdivisions and housing projects of Vista Land and subsidiaries. Daang Hari has favorably impacted Villar’s corporate assets, personal net worth and borrowing capacity without putting up an additional centavo of equity. Thanks to government funding.

Fifthly, I wish to ask: Why doesn’t Villar clarify if his mind-boggling wealth was honestly earned? In majority of cases, he’d be prudent with it instead of spending money in politics as though it’s getting out of fashion that billionaires seldom do, so what makes him to run for president rather than live quietly like Lucio Tan, Henry Sy, John Gokongwei, Andrew Tan, Jaime Zobel and other Filipino billionaires? Is it to recover his investments by declaring too early for president since four years ago?

Villar should tell the people the truth: He must answer the above questions ASAP for the people to judge him if he deserves their vote. Or else, Pamusa will run the questions in full-page newspaper ads and spots alongside his ads on the same TV shows through the months of March and April up to voting day.

Of course, if Villar withdraws, we can save the money for a no-nonsense, honest-to-goodness and no-fear-or-favor anti-graft and corruption program of President Aquino and VP Roxas to enable the Filipino people to turn around their deteriorating quality of life and jumpstart sustainable economic development.

The Daang-Hari Controversy

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