Miriam seeks probe into losses of POTC, Philcomsat Holdings

Pro-administration Sen. Miriam Defensor-Santiago recommended yesterday an inquiry into losses incurred by the Philippine Overseas Telecommunications Corp. (POTC) and Philcomsat Holdings Corp. (PHC).

Santiago recently filed Resolution 455 to conduct the inquiry, in aid of legislation, over the reported loss in recent years of over P73 million in revenues due to alleged "improprieties in the operations by their respective board of directors."

In 2004, PHC lost about P7 million despite its revenue of P84 million during the same period. The loss was attributed to the company’s P90.6 million operating expenses.

Philcomsat is a wholly owned subsidiary of the POTC, a government-sequestered organization formerly held by Marcos cronies. The Philippine government holds 35 percent of its shares of stock as it is an enfranchised and licensed Philippine public telecommunications entity with assets worth $62 million.

"There is an urgent need to protect the interest of the government in the PHC, Philcomsat and the POTC from any anomalous transactions, and to conserve or salvage any remaining value of the government’s equity position in these corporations from any abuses of power done by their respective board of directors," Santiago said.

She did not say who would be summoned to the inquiry.

However, the Philcomsat website shows that its board of directors includes Erlinda Bildner as director and chair; Victor Africa, director, president and chief executive officer; Marietta Ilusorio, director and vice president; Katrina Ponce Enrile, director and treasurer; Rafael Poblador, director and assistant treasurer; Honorio Poblador III, director; Kitchie Benedicto Paulino, director; Guy de Leon, director; and Victoria delos Reyes, director.

Other Philcomsat officers named in the website are John Benedict Sioson, corporate secretary; Samuel Divina, special assistant to the president; and Aristoteles Elvina, vice president for marketing.