Typhoon, prompt payment gave Corona
big ‘discount’ on Bellagio

IMPEACHED CHIEF JUSTICE Renato Corona bought his Bellagio penthouse at 10-million pesos less than its original price because of damage from a typhoon, and because he paid promptly.

Megaworld Senior Vice President for Sales and Marketing, Noli Hernandez, stressed to the Impeachment Court that the 10-million peso slash in the price of the Bellagio property was voluntarily given by his company and not due to favors obtained by Megaworld from Corona or from the courts.

Megaworld won a case before the Supreme in 2004 when Corona was still Associate Justice, but lost two other cases at the High Court from 2007-2009.

The Bellagio property was worth 24 million Pesos but was bought by Corona for a little over 14-million Pesos.

Hernandez explained that they brought down the price of the condo unit from 24 million to 19-point-6 million Pesos in 2008 when a typhoon struck and caused water leakage in their units. He said they gave Corona an additional 5-million peso discount for paying almost in cash in a span of one year.

A couple of Senator-judges questioned the relevance of the Megaworld official’s testimony on Article of Impeachment number 2 that was being heard, but the Prosecution said they were in the process of building their case against Corona. Prosecution lawyer Rep. Elpidio Barzaga pointed out that Corona declared the Bellagio property in his 2010 Statement of Assets, Liabilities and Net Worth, not in his 2009 SALN, and for only 6-million Pesos.