Excerpts from PRIVILEGE SPEECH of Senator Enrile

AURELIO R. MONTINOLA III
BPI President and CEO

"This bank refused to freeze the Philcomsat Holdings Corporation’s accounts in spite of the overwhelming evidence of two parties claiming authority to operate the accounts. No, this bank abetted and caused damage to Philcomsat Holdings Corporation.

This bank claimed that there is no sufficient evidence to justify an interpleader suit between the unified board and the Locsin group and refused to recognize the unified board as a claimant. As a consequence, not just a million, not just two million, but scores of millions of pesos of Philcomsat Holdings Corporation had been dissipated because of this bank.”