From the PCIJ Files: MAKATI CITY
Ex-VICE MAYOR ERNESTO S. MERCADO
IN THIS series, we will share with you PCIJ’s databases on the wealth, campaign contributions and spending, and social network of elected government officials of the Philippines.
Former Makati City Vice Mayor Ernesto S. Mercado recently came to the limelight as witness to the alleged kickbacks from public contracts that supposedly went to Vice President Jejomar “Jojo” C. Binay when he was still mayor of Makati City.
Mercado was Binay’s political ally for 15 years before he switched to the Nacionalista Party in 2010. A former businessman, Mercado began his political career as councilor of Makati City in 1992 and was re-elected in 1995. He ran for vice mayor in 1998 but lost to actor Edu Manzano. He returned to public office in 2001 as vice mayor and won his 2004 and 2007 re-election bid. In 2010, Mercado ran for mayor but lost to Jejomar Erwin “JunJun” S. Binay Jr. who ran for mayor in lieu of his father, Jojo Binay, who ran and won as vice president.
How wealthy is Mercado?
Mercado’s Statements of Assets, Liabilities, and Net Worth (SALN) available at the PCIJ library showed that his net worth marked a minimal increase from P62.83 million in 2000 to P63.92 million in 2004.
As of 2004, his total assets stood at P114 million and his liabilities, P50 million. Mercado declared owning P54.3 million worth of properties in Makati City, Pateros, Antipolo City, Bataan, Nueva Ecija, Laguna, Batangas.
His most expensive properties were a P12-million condominium unit in Makati City and P10-million land property in Pateros. He also declared stocks and business investments worth P52.9 million.