LIKE OTHER politicians, Perez has been the subject of rumors of pay-offs, although no one has come forward publicly to accuse him of such, much less offer any evidence. Save for Ping Lacson, of course, who, before he became literally one of the Senate's silent minority, was loudly telling anyone and everyone that he had proof Perez had been paid $2 million in exchange for the IMPSA opinion, and that the amount had been coursed through a Hong Kong bank account of businessman Ernesto Escaler, who later transferred most of the money to another Hong Kong bank account, which was under the name of Perez's brother-in-law Ramon Arceo.

A report from the Hong Kong police obtained independently by i shows that $2.5 million was transferred to Escaler's account in two tranches, the first in February 2001 and the second three months later, and that part of the money was issued as a bank draft payable to Arceo last May. The police report, however, said, "We have no evidence of what the money is, (whether it is) legitimate or otherwise, only that some of the transfers alleged by Lacson are true."

Perez, for his part, denied these allegations, and challenged Lacson to present evidence, which the ex-PNP head has yet to do. The secretary, though, is far from being as poor as a church mouse, having started in life as a member of a well-off Batangas family. In 1959, he and his siblings inherited a sizable estate from their parents, with Perez's share including eight parcels of land and shares in the University of Batangas and St. Patrick's Hospital in Batangas.

But it was during his years in politics, when he received pittance for monthly salary as a congressman and Cabinet member, that Nani Perez grew in wealth.

In 1994, he declared a net worth of just a little over P4 million. But this expanded by a phenomenal 800 percent to P32.6 million in 2001. This even as a financial crisis buffeted Asia in 1997, and again in 2000. Perez's latest declared net worth may also not reflect the real extent of his riches, since, for one, it covers only the grossly understated acquisition value—and not fair market value—of the real estate he admits owning.

Those in the know say Perez the businessman is shrewd, acquisitive, and constantly on the lookout for real-estate bargains. Finicky with money, he blows his top when staff assistants sent on errands forget to return loose change. "You cannot steal even a peso from him," says one.

His March 2001 SAL lists ownership of 18 pieces of real estate. Of the 10 parcels of land he says he began acquiring in 1956, three have houses while one has a building. Eight of the 10 were also purchased between 1985 and 1995, or at the height of Perez's political career. The crown jewel of his estate is the over 1,000-square meter Perez family home in Ayala Heights in Diliman, which he said he bought in 1995 for P14 million. Perez did not report the fair market value of his Ayala Heights house, nor disclose the value of the improvements he has made on all his properties. If his SAL were to be used as basis, his 17 other properties would only have a fair market value of P8.3 million.

Perez's SAL also says that his shares of stocks acquired from 1978-1999 were altogether worth P19.2 million. The stockholdings include those in nine family-held corporations and five big corporations owned by his former clients—Belle Resources Corp., BPI Securities, Manila Bulletin, Robinsonland, and Alaska Milk.

But Perez left out his stockholdings in yet another company in which he serves to this day as president—Radiant Spring Realty Inc—which lists its office address at the Perezes' house on Emerald Lane, Mountview Subdivision, Batangas City.

Curiously enough, Radiant Spring is the only Perez family-owned company that turned a profit - it raised revenues of P7.7 million (including P7.39 million in "sales of property") and a gross income of P2.44 million in 1998, as of its latest financial statement filed with the Securities and Exchange Commission. The rest of the family's' companies, all organized between 1987 and 1995, have consistently declared net losses: Malvarosa Ventures, Malvarana Ventures, Heroes Ventures Inc, Heroes Realty Inc, Twin Rivers Realty and Development Inc., Greenpeace Development Corp. and Ports of Paradise Realty Inc.

There are other interesting material data not disclosed in Perez's SAL. Such omissions are significant because the justice secretary was one of those who had accused Estrada of committing perjury in the declaration of assets he filed when he was president. For instance, Perez declared that he owns just a "car" acquired in 1989 supposedly worth P700,000, even though the garage of his Mountview Park house in Batangas City showed a fleet of luxury vehicles, including a camper, some with vanity plates brandishing his initials "HBP." Too, it is open secret among Batangas folk that the secretary owns—and frequently visits—his beach resort in Calaca town, a fishpond in Lemery town, and a lanzones farm in Baramgay Mataas na Kahoy, and a newly acquired but now fenced-in fruit farm in Barangay Sto. Domingo, Batangas City.

For some reason, it seems, the blustery Batangueño reins in his yabang when it comes to his SAL.

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