Excerpts from PRIVILEGE SPEECH of Senator Enrile

HOW PHC TREASURY WAS LOOTED

P45M in checks issued to “CASH”
Manuel Nieto – Benito Araneta, uncle-nephew team were co-signatories

Checks issued to “CASH”
Placed in a special “PR Fund” to distribute to PCGG, Judiciary,
and other gov’t. officials

Checks issued to “CASH”
Placed in a special “PR Fund” to distribute to PCGG, Judiciary,
and other gov’t. officials

Check issued to “CASH” for P1M
Notation in checkbook stub: “c/o Pgb + presidentiable” PGB is PHILIP G. BRODETT

HOW PHC TREASURY WAS PLUNDERED

- Plunderer (Manuel Andal) gets a check for P550,000 where he is SOLE signatory (even though PHC policy requires TWO signatories)
- Payee is some 3rd party name - Plunderer Andal, and NOT the PAYEE, endorses the back of check and cashes it
- PHC bank BPI is a very willing ACCOMPLICE