Observations: From 2002 up to 2006, Corona hid the fact that his wife is a Director in a government-owned and controlled corporation. R.A. 6713 Rule VII Public Disclosure Sec. 1 F. says: (f) Married couples who are both public officials or employees may file the required statements jointly or separately. Therefore, the SALNs above are Separately accounted for Justice Corona only. Being that, the following are my observation: 1. The movements of his “monthly income” derived per computation above can be considered fairly stated except in 2010 that it appears he “earns” around P614,998 due to the pay-off of the cash advance. 2. It’s a basic knowledge that a Corporation has a separate personality from its owners or stakeholders. Therefore, it doesn’t follow that he can be allowed to obtain a “cash advance” as it was called in his SALNs if he’s the husband of 1 of the major owners. One has to be a legitimate “part” of the Corporation before one can be allowed such kind of advances. 3. If we will establish the definition of “cash advance”, the definition will not meet the amount and the length of time it was outstanding as disclosed in the SALN. Cash advance pertains to “revolving cash” in order to support the day-to-day transactions of a business. The largest amount for a “Cash advance” that I’ve seen during my more than 15 years experience in audit is P100,000. In a certain network industry, such amount (P100K) is normally being used to cover expenses for a day’s shooting. As to the term or the length of time that it’s expected to be outstanding, Cash Advances should be liquidated at least on a monthly basis. The longest however could take a year, wherein, as discussed by the Lawyers above, it might expose the Company to some BIR requirements that it had to be imputed with interests and should be reclassifed as “Advances to Employees/Officers/Related Party as necessary. The reclassification of Cash Advances to “Advances to Employees/Officers/Related-Parties” would entail detailed documentation. 4. The Cash advance was reclassified into “Cash Advance from Wife’s Family Corporation” in 2006, in which case it implies that the wife acted as the Receiver of the Corporation of the Cash Advance that is not legitimate by its nature as the Accounting and Tax definition dictate in the first place. Conclusion: The SALN’s disclosed above are not fairly stated.

Observations:

From 2002 up to 2006, Corona hid the fact that his wife is a Director in a government-owned and controlled corporation. R.A. 6713 Rule VII Public Disclosure Sec. 1 F. says: (f) Married couples who are both public officials or employees may file the required statements jointly or separately. Therefore, the SALNs above are Separately accounted for Justice Corona only. Being that, the following are my observation:

1. The movements of his “monthly income” derived per computation above can be considered fairly stated except in 2010 that it appears he “earns” around P614,998 due to the pay-off of the cash advance.

2. It’s a basic knowledge that a Corporation has a separate personality from its owners or stakeholders. Therefore, it doesn’t follow that he can be allowed to obtain a “cash advance” as it was called in his SALNs if he’s the husband of 1 of the major owners. One has to be a legitimate “part” of the Corporation before one can be allowed such kind of advances.

3. If we will establish the definition of “cash advance”, the definition will not meet the amount and the length of time it was outstanding as disclosed in the SALN. Cash advance pertains to “revolving cash” in order to support the day-to-day transactions of a business. The largest amount for a “Cash advance” that I’ve seen during my more than 15 years experience in audit is P100,000. In a certain network industry, such amount (P100K) is normally being used to cover expenses for a day’s shooting. As to the term or the length of time that it’s expected to be outstanding, Cash Advances should be liquidated at least on a monthly basis. The longest however could take a year, wherein, as discussed by the Lawyers above, it might expose the Company to some BIR requirements that it had to be imputed with interests and should be reclassifed as “Advances to Employees/Officers/Related Party as necessary. The reclassification of Cash Advances to “Advances to Employees/Officers/Related-Parties” would entail detailed documentation.

4. The Cash advance was reclassified into “Cash Advance from Wife’s Family Corporation” in 2006, in which case it implies that the wife acted as the Receiver of the Corporation of the Cash Advance that is not legitimate by its nature as the Accounting and Tax definition dictate in the first place.

Conclusion:

The SALN’s disclosed above are not fairly stated.