PHC
Philcomsat Holdings Corporation
(a PSE-listed company)
 
 

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

Privilege Speech of SENATOR ENRILE
(Philcomsat Holdings Corporation)

Summary of LOOTED, PLUNDERED, EMBEZZLED and Unaccounted for Funds

Mr. President, distinguished members of this Chamber, we may be surprised to know that during this period of four years, from 2004 to 2007, the Philcomsat Holdings Corporation was plundered to the extent of P481.2 million. And where did this money go?

Summary of looted, plundered, embezzled and unaccounted for amounts disbursed by PHC directors, officers and staff from 2004 to 2007;

  1. Excessive unreported surreptitious compensation of PCGG nominees, relatives, lawyers and cronies in Philcomsat Holdings Board and Management amounts to P161.1 million;
  2. PHC cash advances, mostly unliquidated without disbursement vouchers or authorization, cashed at BPI Pacific Star Branch, P41.9 million;
  3. Legal fees and expenses, including cash for legal services, P84.7 million;
  4. PR and media expenses, including cash for PR and media expenses, P56.1 million;
  5. Donations, contributions to philanthropic, religious, political or otherwise causes of Enrique Locsin, a certain Mr. Andal, Philip Brodett and Johnny Tan, the accountant of this company, P7.1 million;
  6. Phony cash "advances to affiliates" POTC and Philcomsat which were never received by either POTC or Philcomsat but were actually compensations to PCGG nominees and cronies, P119 million;
  7. Direct payments or cash gifts or in kind to PCGG, SEC, Supreme Court, Sandiganbayan, Bureau of Internal Revenue allegedly including the Office of the Solicitor General and other government agencies, P11.3 million;

All told, P481.2 million.

Now, Mr. President, where did these monies go? As I have already indicated, they went to the enormous compensation, exorbitant travel allowances, inordinate, wasteful expenditures of directors and their cronies and payment for expensive lawyers.

I have the listing her in this record and who are responsible for this sordid affair in Philcomsat Holdings.

Mr. President, I would like to recite their names one by one for the record of the Senate.”