Excerpts from PRIVILEGE SPEECH of Senator Enrile

VIRGILIO R. SANTOS
- suspended from practice by SEC

“Virgilio R. Santos, No. 26, was the former external auditor of Philcomsat Holdings Corporation. He allowed the booking of P119 million in salaries, fees, honoraria, allowances and reimbursements paid by the Locsin group to themselves as advances to affiliates without requiring proof of receipts by said affiliates of such funds. He examined the books of the corporation which contained the accounting entries that proved fraudulent transactions and passed them under his oath as a professional accountant.

Huge disbursements and bribery were recorded in these ledgers and accounting instruments but he passed them, Mr. President. He issued a clean opinion under his oath as a professional for Philcomsat Holdings Corporation. He was suspended from practice by the SEC for anomalies and discovered the financial statements of Philcomsat Holdings Corporation and another listed corporation and - - I do not know whether he was disciplined. He was supposed to be disciplined by the Professional Regulations Commission.”