PCGG denies using sequestered firms as milking cows

Chairman Camilo Sabio of the Presidential Commission on Good Government (PCGG) yesterday denied allegations made by some senators that the agency has been using sequestered companies as "milking cows."

"It is not true," he said when asked to comment on the claims made by a few senators last Monday, adding that the PCGG has not mismanaged sequestered companies.

However, he declined to comment on the financial status of the sequestered companies, saying he would have to check company records.

They were not prepared during the budget hearing to answer questions regarding their positions as members of the board of directors of sequestered companies, he added.

Sabio said they were prepared to defend the requested P67.58-million budget, not to answer questions on positions within the PCGG.

Last Monday, Sabio told the Senate they would issue a written explanation to answer the inquiry.

Some senators had questioned the membership of Sabio on the board of nine United Coconut Planters Bank (UCPB) subsidiaries and 20 Coconut Industry Investment Fund (CIIF)-affiliated companies.

Sabio is either chairman, vice chairman or officer-in-charge of the UCPB subsidiaries and CIIF companies.

Senators also pointed out that Danilo Coronacion is president and chief executive officer of 25 companies while Jose Barcelon is corporate secretary of 35 companies.

One senator likewise questioned Sabio’s participation on a United Nations delegation, when the PCGG clearly indicated it had no direct function in the event.

Sen. Joker Arroyo said Malacañang has distributed 208 directorships to favored nominees. — Sandy Araneta