Saturday, May 13, 2006

PCGG on the loot, err... on the go!

After trying best efforts to convince everybody na makipag-settlement na lang sa mga Marcos with regards the latter's ill-gotten wealth, eto na naman ang PCGG: involved sa plunder ng Philcomsat.

To quote Malaya:

THE "looting" of the assets of Philcomsat Holdings Corp. (PHC) took place right under the noses of Presidential Commission on Good Government (PCGG) representatives in the management of the company.

"Yes, that’s plunder. And it happened right under their noses. Their signatures are even here," Sen. Richard Gordon, chair of the Senate committee on government corporations and public enterprises, said after a hearing conducted by his committee yesterday.

Among the "raids" on the company’s coffers was P390 million in loans extended to a first cousin of a former company chairman elected on the strength of the shares held by PCGG. The loan remains unpaid.

Sen. Juan Ponce Enrile, whose family is among PHC’s major stockholder, said the PCGG, instead of protecting the interest of the government, has even aided the dissipation of PHC assets by direct participation.


Sabagay, kung ano ang puno, siya rin ang bunga. This is the kind of administration that Gloria in the Palace had sown so why expect a miracle?

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