PCGG seeks transfer of PTIC shares to gov’t

The Presidential Commission on Good Government (PCGG) filed before the Sandiganbayan a motion for the issuance of a writ of execution for the transfer of the Philippine Telecommunications Investment Corp. (PTIC) shares to the government through the PCGG.

PCGG commissioners for legal affairs Narciso Nario and Nicasio Conti said the 10-page motion seeks the execution of the judgment of the Supreme Court that sustained the government’s claim over the 111,415 PTIC shares and ordered the reconveyance of the shares to the government represented by PCGG.

In a statement, Conti said that the SC decision promulgated on Jan. 20, 2006 involving the consolidated PLDT cases G.R. 149802, 150320, 150367, 153207 and 153459 has become final and executory through the issuance of an entry of judgment of its decision on Oct. 26, 2006.

Conti said the government expects that the transfer of the shares would be done first week of December this year.

The PCGG commissioner had cited the recovery as a major victory for the Filipino people.

He said the PTIC/PLDT shares have an estimated value of P25 billion and the second biggest recovery of the PCGG under the administration of President Arroyo.

The first is the P35 billion recovered from Marcos Swiss accounts in 2004.

Nario, for his part, said Finance (DOF) Secretary Margarito Teves commended the significant recovery efforts of the PCGG during the recent public hearing of the House of Representatives’ oversight committee.

Nario said Teves had likewise hailed the PCGG for expediting the transfer of the PTIC/PLDT shares in the name of the government and for disposition and privatization by the DOF. – Sandy Araneta