"ALI BABA and the FORTY THIEVES"
January 29, 2008

Privilege Speech of SENATOR ENRILE
(Philcomsat Holdings Corporation)

"Forty names. Forty relatives of Ali Baba, Mr. President. Records would show that an exorbitant amount of P56 million for PR and media relations fees for the period of 2004 and 2007 had just been thrown away out of the cuckoo’s nest of Philcomsat Holdings.

“Mr. President there has been time in the past when this humble representation was misrepresented and misunderstood for being too vocal and forceful in my intent to pursue the investigation during the last Congress to unearth and expose the malicious lies and stealing committed in Philcomsat Holdings.

Even when I inhibited myself from the investigation, I continued to observe and listen to the testimonies of the witnesses ready to refute and validate whatever pieces of evidence were presented not because I have to protect the shares of my family in these corporations, as I have long relinquished such responsibility to my daughter Katrina. But as a public servant, Mr. President, I believe it is my duty, as it is the duty of each and everyone of us in this Hall, to protect the government’s interest in this Hall the sordid affair.

As held by its decision dated June 15, 2005, the Supreme Court reaffirmed the finality that the Republic of the Philippines is the owner of 4,727 shares in POTC, equivalent to 35% of the outstanding capital stock of that corporation. The national government’s ownership of 35% of POTC, therefore, entitles the same to 35% of Philcomsat and its wholly-owned subsidiary. In turn, the national government’s ownership of 35% of Philcomsat gives its beneficial interest over 28% Philcomsat Holdings Corporation, the publicly listed holding corporation of which approximately 81% is owned by Philcomsat Satellite Corporation.

However, Mr. President, much to our utter dismay and frustration, PCGG, the concerned agency command, chartered, mandated by the government to gather, preserve this supposed ill-gotten wealth, safeguarding them for the government, was even found to have exercised outright lack of transparency and accountability, made, abated, aided in the looting and plundering of this corporation, as I have already narrated during the hours that I have imposed upon our colleagues’ patience.

Who then are we to count on to protect the government’s interest from further dissipation and debauchery? More than this, Mr. President, several government agencies have been, in fact, dragged into the quagmire of this corruption.

The Securities and Exchange Commission (SEC) was supposed to have received a substantial amount in exchange for an order favoring the Locsin group and allowing this minority block of 2/3 vote versus a 1/3 vote of the majority private owners in an election of the board of directors on July 8, 2004.

The Sandiganbayan was supposed to have received P2-million cash payment for a temporary restraining order it issued on September 23, 2005.

The Supreme Court’s name was even dragged, supposed to have received P2-million payment as PR for an injunction on August 16, 2006.

Again, the SEC supposedly received P1.5 million in exchange for an order indefinitely postponing the May 9, 2006 annual stockholders’ meeting.

Mr. President, even while the Senate inquiry was extensive and, as much as practicable, comprehensive, many questions still plagued our minds and remained unanswered. We still await the day when all these will be explained and made clear, not only to us, but to the people of this nation.

Clearly, Mr. President, Ali Baba’s tale pales in comparison to the wanton and unjustifiable looting, pillaging and plundering of the resources of these corporations. Unless someone steps up, speaks up, and says the words “close sesame”, we can only hope and pray that POTC, Philcomsat and Philcomsat Holdings will not cave in for standing on empty and hallow financial ground.

Thank you, Mr. President. Thank you gentlemen and ladies for your patience."