Government is still trying to secure Malacañang approval and is also awaiting the legal opinion of the Department of Justice (DOJ) before it signs the MOA.
Norberto Nazareno, outgoing PNB chairman and concurrent president and chief executive officer of Philippine Deposit Insurance Corp. (PDIC), said the final copy of the MOA has been sent to Malacañang for approval by President Arroyo and Executive Secretary Alberto Romulo.
"We need Malacañang to give full powers to Finance Secretary (Jose Isidro) Camacho so that he can sign for and in behalf of the National Government which still has about 16 percent in PNB," Nazareno said.
He added that the board of directors of PDIC which lent P10 billion to PNB last year, has already authorized Camacho to sign for the government insurer.
At the same time, Nazareno said there are at least 40 special powers of attorney (SPAs) that need to be signed by individuals and corporations associated with Tan’s block. Since some of the individuals and corporations in Tan’s block are based abroad, the execution of each SPA must be accompanied by a consular certification.
Under the MOA, the Tan block will bring down its 67-percent controlling share in PNB to 44.98 percent while government will increase its 16.5-percent share to 44.98 percent.
Nazareno said that at the earliest, the signing of the MOA will take place next week or within the month. It will pave the way for the financial rehabilitation of PNB.
The business plan, including the restructuring plan will have to be approved by the incoming president and chief executive officer, who has yet to be chosen by Tan from a list put together by government.
Earlier, Nazareno said that based on preliminary projections, PNB should be able to sell at least P2 billion of its foreclosed properties and further reduce its non-performing loans in the first year of the rehabilitation program. — Rocel Felix