PHC
Philcomsat Holdings Corporation
(a PSE-listed company)

 
 
ALI BABA AND THE FORTY THIEVES

Excerpts from PRIVILEGE SPEECH of Senator Enrile

MANUEL D. ANDAL

“The next persona in this sordid affair is a certain Manuel D. Andal. If we look at the accounting records of Philcomsat Holdings, he is denominated as MDA. When I read the records, I thought he was Metropolitan Development Authority, but it turned out he is Manuel D. Andal. This gentleman was supposed to be a Bicol farmer. That is how he described himself. He also described himself as chief financial officer and treasurer of Philcomsat Holdings. That is his claim, but he is not doing the work. Now, what was his benefit from the corporation? He received P18 million as compensation fees, cash advances and allowances, including also a yearly travel grant of US$10,000.

By the way, Mr. President, these dollars were granted at the time when the exchange rate was almost P55 to the dollar.

And among the wonders of Manuel Andal, he received reimbursements from the corporation from five to eight restaurant expenses, and three to five gasoline receipts, all incurred on the same day, in different restaurants, in different gasoline stations. Five to eight restaurant expenses in different restaurants per day - - this gentleman must be a glutton.

In addition, he also asked the reimbursement for the salaries of his personal secretaries: Monet Pangilinan, Tricia Inah Tuazon, and Jay R. Baguio. Philcomsat Holdings also paid for Andal’s charities. They are in the records. I cannot remember the exact magnitude, including PR expenses in the Peñafrancia Broadcasting Corporation, and for the Miss Naga beauty contest. That is how wasteful the dissipation is of the funds of this corporation, Mr. President, including beauty contest.

While Andal claims to be the chief finance officer and treasurer of the corporation, only in name, lo and behold, he signed several requests to the Bank of the Philippine Islands, to honor immense PHC checks issued by the millions of pesos, as will be shown later.”

P160,000 total "Donation - c/o MDA" to local radio stations in Bicol
PCGG nominee/PHC Director Manuel D. Andal is a farmer from Bicol

"Roberto Alvarez - c/o MDA radio broadcast hotline P60,000
(MDA is PCGG nominee Manuel D. Andal)

Enrique L. Locsin and Manuel D. Andal - "travel allow" $10,000 each

THE MAD RUSH TO TRANSFER PHC-PURCHASED VEHICLES