Excerpts from PRIVILEGE SPEECH of Senator Enrile

CAMILO L. SABIO

“The next gentleman that I will name is Camilo Sabio. He is the current PCGG chairman. He is facing anti-graft charges for diverting P10 million dividends due the government for a sequestered company, the IRC, to his personal account. He wrote the Philippine Stock Exchange to block the listing of Philcomsat Holdings Corporation, the very reason why Philcomsat, the operating company, transferred almost P1 billion in cash and assets to this Philcomsat Holdings in order that it be listed in the stock exchange so that the former employees and executives of Philcomsat Satellite Corporation would benefit by selling their shares, by investing their retirement pay in Philcomsat Holdings and liquefy it after the listing of Philcomsat Holdings made but, lo and behold, they transferred their funds in this company, their retirement pay, believing that they will benefit out of it. But, sadly, their dream was shattered because their money did not return to them. It went into the pockets of the tulisans who were there.

Mr. Sabio received a cash of P350,000 from Philcomsat Holdings. For what reason, I do not know. This is not a sequestered company; it is not under his jurisdiction but, nonetheless, he received P350,000 from Mr. Locsin, et. al. and compelled Philcomsat Holdings to contribute P1 million to the PCGG Christmas party in 2005.

My God! Mr. President, if these gentleman think that they are that powerful that they can compel a private corporation, owned by private stockholders, to dish out P1 million for a Christmas party, something must be really wrong.”

March 1, 2005 letter of PCGG Chairman Camilo Sabio to PSE

March 9, 2005 Memo from Johnny Tan re request of Enrique Locsin

"P1M paid to PCGG on June 24, 2004"
N.B.: The year before Nicasio Conti join PCGG as Commissioner