Tuesday, January 31, 2012

Corona got P10-M ‘reduction’ in price of ‘damaged’ Taguig condo–witness

MANILA, Philippines—An official of Megaworld Corp. testified on Tuesday said that the company gave a P10-million “reduction” to Chief Justice Renato Corona when he and his wife bought a P14.5-million condominium unit in Taguig City.

“From P24 million, it’s basically P10 million,” said Noli Herandez, senior vice president for marketing and sales of Megaworld when asked by private prosecutor Joseph Perez how much was the total reduction the company gave to Corona.

Hernandez was referring to a penthouse unit at The Bellagio in Taguig City that Corona bought in September 2008 for P14.5 million.

The witness said the original prize of the property was P24 million but because it sustained “water damage” due to a typhoon, Megaworld lowered the prize to P19.6 million.

And because Corona paid the property in less than a year, Hernandez said the company gave him a P5-million discount.

Senate President Juan Ponce-Enrile, who was presiding over the trial, explained that a reduced price was different from a discounted price.

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