Excerpts from PRIVILEGE SPEECH of Senator Enrile

EXPORT AND INDUSTRY BANK

“Mr. President, I regret to say, that this bank is the chief laundry bank of the PCGG nominees and their cronies. Export and Industry Bank, I repeat, is the chief laundry bank of the PCGG nominees and their cronies. This bank allowed the opening of dubious accounts named: “PHC, c/o Cesar Munsayac” and “Brodett/Nieto” account where company funds were diverted to Brodett and J. R. Tan, the accountant of Philcomsat Holdings and Philip Gould Brodett denied knowing about the Cesar Munsayac account. But P44.9 million of Philcomsat Holdings was deposited in this account and withdrawn in just two months after the account was opened. Where is that P44.9 million? Like Ali Baba, “Open, open, Sesame.”

"PHC c/o Cesar Munsayac" Bank Statement as of June 30, 2004

"PHC c/o Cesar Munsayac" Bank Statement as of August 31, 2004

"Brodett/Nieto, Philip/Manuel" Bank Statement as of December 31, 2004