Napoles business declarations don’t support lifestyle

SEC records show legitimate businesses owned by pork barrel queen Janet Napoles earned a little more than half a million pesos the past 8 years. The records also show she does not have the means to acquire and maintain her properties, a stark contrast to her family’s lavish lifestyle, their US properties totalling 495 million pesos, at least 10 residential houses in the Philippines and 30 cars. Napoles says her family’s wealth came from legitimate sources– including inheritance from her parents and a profitable coal mining business. But official filings show the net profits her registered businesses last reported total a little more than half a million pesos– P577,807.47 to be exact from 2004 to 2012.

Rappler checked with the Securities and Exchange Commission for businesses registered under Napoles family members. We found 24 companies, formed over the last 16 years. Half of the companies have stopped operations. Of the 12 still operational, only 3 complied with the SEC requirement to file annual Financial Statements. People who worked with Napoles say she started as a vendor before becoming a military supplier. Sources say the changes in the Napoleses’ lifestyle became evident around 2003. Napoles attributes this to her coal mining business in Indonesia. But among the registered businesses in the Philippines, only two have something to do with mining and coal trading.

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