Napoles businesses earned less than P1M

MANILA, Philippines – Legitimate. That’s how Janet Lim-Napoles, in various interviews, has described her family’s wealth, the subject of scrutiny after she was tagged the alleged mastermind of the pork barrel scam.

She has cited inheritance from her parents and a profitable coal mining business among other income sources to explain the lavish lifestyle and huge properties that her family has displayed in recent years.

Rappler’s investigation found the Napoleses owning properties in the United States, worth a combined  P495.1 million.

In the Philippines, they are known to reside in houses and condomiums in at least 7 posh locations. The National Bureau of Investigation has also released a list of 30 high-end vehicles registered under the Napoleses.

If we go by the official filings of her registered businesses, however, Napoles doesn’t have the means to acquire and maintain any of these.

The net profits they last reported (for 2011 and 2012) to the Securities and Exchange Commission (SEC) totaled less than P1 million – P577,807.47 to be exact. 

Losing, earning companies

Rappler checked with the SEC businesses registered under the names of Napoles family members.

We found a total of 24 companies incorporated by one or all of the following: spouses Janet Lim-Napoles and Jaime Napoles, and their children Jo-Christine and James Christopher.

12 of these are still operational, at least on paper, and only 3 have complied with the SEC requirement of filing annual Financial Statements (FS):

In its FS for 2012, RLG Solutions declared zero revenue and losses of P383,340.94.

JCLN Global Properties’ last FS was for 2012, when it declared a gross income of P4.3 million and a net income of P544,699.30.

From 2006 to 2012, it declared annual net incomes of between P69,839.99 and P544,699.30.

On the other hand, JLN Corp last filed an FS for 2011, where it declared a gross income of P4.03 million and net income of P33,108.17.

From 2004 to 2011, JLN Corp – supposedly the flagship company of the Napoleses – declared annual net incomes of between P21,085.82 and P100,395.48.

It is during these years when the Napoles family purchased expensive properties in California. They bought 3 properties worth P415.1 million between 2006 to 2007, and acquired an apartment worth P80 million sometime in 2010.


The 24 companies were formed over the last 16 years – from 1997 to as recent as June and July 2013. They are into restaurants, retail, advertising and public relations, printing, tours and travels, among others.

Among these companies, Wingold International Trading Corp was the first to be established in 1997, while Socal Holdings was the latest to be formed only in July 2013.

See the complete list, dates of incorporation, and incorporators in the table below. Company names highlighted in dark gray are those that have since been inactive or have stopped operations, based on SEC documents.


In 2006 and 2012, the Napoleses submitted to the SEC an Affidavit of Nonoperation (ANON) for 10 companies, stating that no business activity was conducted by these companies since they were incorporated.

Also, the SEC revoked the registration of two: Lucky 4J Lending Corp and Wingold International Trading Corp.

No financial statements

The rest of the supposedly active companies never filed an FS since they were registered.

People who have worked for, or dealt with, Napoles over the years say she started as a vendor, selling food and school supplies on a pedicab in Laguna in the 1990s, before she became a “struggling supplier” in the military.

Based on Rappler’s interviews with sources, as well as other news reports, the improvement in the Napoleses’ lifestyle became very evident – drastic, some described it – around 2003.

Napoles explained this was made possible by their coal mining business in Indonesia.

Among the registered businesses in the Philippines, only two have something to do with mining and coal trading, but there is no way they could have made the family wealthy.

Asia Star Power Resources Corp, which is engaged in "coal import/export," was formed on April 8, 2011 but was one of the companies that filed an Affidavit of Nonoperation with SEC in 2012.

The other company, which should be directly engaged in "mine and quarry operations" – Sur Mine Corp – was formed less than two months ago, on June 20, 2013. This is the company where former Surigao del Sur congressman and House defense committee chair Prospero Pichay is a co-owner.


Some of the companies registered over the last 16 years share the same incorporators:

Same addresses

A number of the companies have the same offices:


Related Stories: