THE PHILIPPINE Center for Investigative Journalism (PCIJ)
began its research on President Joseph Estrada's wealth in
the first quarter of 2000. The direction of our research was
determined by what could be documented. Thus, one track of
our investigation focused on the acquisition of real estate
and the construction of houses. The second track focused on
the formation of corporations by members of President Estrada's
various families.
What we found was a President who accumulated so much money
in his first two-and-a-half years in office that he was able
to purchase, through dummies and shell companies, over P2
billion worth of real estate for his various wives and children.
We also found a pattern of corporate formation by presidential
mistresses. We uncovered 66 companies in which Estrada, his
wives and children were listed as incorporators or board members.
Fourteen of these companies alone have assets of over P600
million. Yet the President declared a net worth of only P35.8
million in 1999 and a net income of only P2.3 million that
same year.
Our findings on President Estrada's unexplained wealth and
his propensity for acquiring real estate and building mansions
were published in a series of articles in the second half
of 2000. In October 2000, three of the PCIJ's reports were
included in the impeachment complaint against the President.
Investigating Estrada collects in one volume the PCIJ's groundbreaking
investigations on Estrada's wealth. It also includes articles
that examine the President's unorthodox lifestyle, his keen
appreciation of the perks of public office, his "Midnight
Cabinet," and his use of the powers of the presidency to enrich
himself.
