Excerpts from PRIVILEGE SPEECH of Senator Enrile

BENITO ARANETA

"First is Benito Araneta. Who is Mr. Benito Araneta? He is the son of Ramon Araneta, nephew of Salvador, Luis and Antonio Araneta, all popular, influential and respectable men in our. But Benito “Bomboy” Araneta is nothing but a thief.

Benito “Bomboy” Araneta was a PCGG nominee to POTC and Philcomsat by President Estrada. He worked his way into Philcomsat Holdings Corporation (PHC), a once cash-rich, public, not-sequestered corporation that does nothing but money placements. Before a year was over, Mr. Araneta was fired by Pres. Estrada but he remains entrenched in PHC which was not a sequestered company and for which until today he remains a director, an authorized bank signatory and a recipient of most of PHC’s funds.

By way of compensation, fees, allowances, reimbursements and cash advances, Benito “Bomboy” Araneta received P5.2 million including a US$10,000 travel allowance.

He chaired the Excom to grant a P125 million loan to Ansear, a family corporation, without collateral and only on the basis of a promissory note. The check was issued the same day the Excom approved it without the ratification of the board of directors of PHC.

Benito “Bomboy” Araneta has advances amounting to P3.6 million which he has not liquidated and placements supposedly made for PHC of approximately P67.7 million. When asked by PHC Management (Brodett etc.) to account for the placements, he never replied.

This was a case of: I scratch your back and you scratch mine."

Benito V. Araneta: "Cash PR (BVA) P500,000"