I don’t understand asset and liability?

This exchange between Sen. Frank Drilon and SC chief Renato Corona raises more questions about Corona’s credibility:

    THE CHIEF JUSTICE.  Iyong pesos naman po, gaya po nung ipinaliwanag ko, hindi ko pa rin nireport ‘yun kasi co-mingled funds ‘yon ng hindi—sa pangangasiwa ko lang po iyon hindi naman po sa amin ‘yon.

    SEN. DRILON.  Okay.  Iyon po ay sa pangangasiwa mo.  Ngunit hindi ba dapat iyong pera na nasa pangangasiwa mo ay dapat ireport mo rin at iyong corresponding liability ay ireport mo.  Halimbawa, 34.7 million ang inyong hawak for BGEI,  iyan po ay liability, ngunit iyan din po ay assets, hindi po ba ‘yun?

    THE CHIEF JUSTICE.  Pardon me, Senator, pero hindi po ako accountant.

    SEN. DRILON.  Okay, sige.

    THE CHIEF JUSTICE.  Hindi po ako nakakaintindi nung mga asset-liability debit-credit na ‘yan.  Ang naintindihan ko lang po, iyong ordinaryong pagkakaintindi ng abogado diyan, na hindi naman akin, hindi ko naman inutang, kaya hindi ko naman po kelangang ireport.

Okay sige.

Kaya lang…

Eto yun bio ni Corona na nakasulat sa Supreme Court website

    After law school, he pursued the Master of Business Administration course (without thesis) at the Ateneo Professional Schools.  In 1981, he was accepted to the Master of Laws program in Harvard Law School where he focused on foreign investment policies and the regulation of corporate and financial institutions. 

    As a young lawyer, Chief Justice Corona served as special counsel at the Development Bank  of  the  Philippines.  He later became senior vice-president and general counsel of the Commercial Bank of Manila and later, a senior officer of the Tax and Corporate Counseling Group of the Tax Division of Sycip Gorres and Velayo (SGV & Co.).

How did the man who earned an MBA from Ateneo, a masters of law from Harvard where he specialized on “foreign investment policies and the regulation of corporate and financial institutions” and then worked as a special counsel for DBP, a senior vice-president and general counsel of the Commercial Bank of Manila, and a senior officer of the Tax and Corporate Counseling Group of the Tax Division of SGV, the top auditing and tax consultant firm in the Philippines, not know about such a basic accounting concept like assets and liabilities?

Naknampucha naman…

Manuel Buencamino

Buencamino was a weekly columnist for Today and Business Mirror. He has also written articles in other publications like Malaya, Newsbreak, "Yellow Pad" in Business World, and "Talk of the Town" in the Inquirer. He is currently with Interaksyon, the news site of TV5. MB blogged for Filipino Voices, blogs for ProPinoy and maintains a blog, Uniffors.com. Game-changers for him, as far as music goes, are Monk, Miles, Jimi, and Santana.

  • I think that it’s not intentional on the part of Corona not to declare his dollars and pesos in his SALN.  The law says that assets must be declared in the SALN. But Corona did not know then what asset means, so I think he should be excused for being ignorant.

  • GabbyD

    i found something interesting in the IRR that hasnt been raised in the court yet.

    the chief justice DOES have vast power to implement/interpret compliance of the SALN law. (this is a huge weakness in the saln law, where each branch can determine for themselves what proper compliance is.holy crap!)

    from the IRR:
    (c) In the case of the Judicial Department, the Chief Justice of the Supreme Court;

    The above official shall likewise have the authority to render any opinion interpreting the provisions on the review and compliance procedures in the filing of statements of assets, liabilities, net worth and disclosure of information

    there are other duties they they ask the CJ to do. so the questions must be: what are the compliance procedures put into place by the CJ, and were they followed. 

    in other words, is the rule that dollars should not be put in, written down in the compliance procedures?

  • GabbyD

    indeed, this is what struck me about his testimony. he believes that there are conficts in the law (lets assume he’s right– i dont), he knows that people have different experiences w saln.

    but he went ahead and did it the way he wanted to do it. he didnt consult other lawyers. he didnt consult accountants. he didnt consult with the civil service.

    normally, people do that when its not clear what to do. 

    what gives his the right to unilaterally decide how to interpret the law? coz he is CJ? but he’s been holding this interpretation since before he was CJ. 

    so can we interpret laws the way we want to?

    this is the kind of behavior that troubles me. this is why i wish we had public hearings on SC justice nominations, so we can test their understanding of the laws BEFORE they hold office. 

  • Babylou edmilao

    trying to be ignorant when he is not…..masyadong evasive. he intend not to declare everything in his SALN