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

Privilege Speech of SENATOR ENRILE
(Philcomsat Holdings Corporation)

“The Securities and Exchange Commission 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 in July 8, 2004.

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

The Supreme Court’s name was never dragged, supposed to have received P2 million payment for a PR, for a Supreme Court injunction in 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, I am not saying that the Supreme Court was involved here. I am not saying that the Sandiganbayan was involved here. I am only saying that this is the record that I found when I scrutinized the documents that were given to me by the present management of Philcomsat Holdings.

If this is true, Mr. President, if, indeed, the judicial department of our government is involved in this kind of affair which I do not believe so, but if - - I repeat, if indeed such an involvement exists, then for heaven’s sake, time has come for us to look closely into our structure of government and throw the book against whoever may be involved. Unless we do this, we can never repair the destructive corruption that we see in these records.”