Ex-SEC chief: Erap got P2.5 billion from PLDT sale

MANILA, Philippines - Former Securities and Exchange Commission (SEC) chairman Perfecto Yasay reiterated yesterday his previous testimony that former President Joseph Estrada received a total of P2.5 billion in commissions for the sale of Philippine Long Distance Telephone Co. (PLDT) shares to Metro Pacific Co. in 1998.

Yasay told GMA News anchor Arnold Clavio in an interview via phone patch that Estrada used his influence so that the sequestered shares of PLDT would be sold to Metro Pacific.

“Information reaching my office as the SEC chair showed that the commission for the deal was P3 billion,” Yasay said.

“Ayon sa impormasyon na natanggap ko, nagalit pa raw si Erap kung bakit P1 billion lang ang natanggap niya na dapat ay P3 billion. Pero sinabi ni Mark Jimenez (businessman and former Manila congressman), ang broker sa deal, na hinati-hati sa tatlo ang pera: P1 billion para kay Ronnie Zamora (Estrada’s former executive secretary), P1 billion kay Jimenez and P1 billion kay Estrada (According to the information I received, Estrada was mad that he only got P1 billion when he should have received P3 billion. But Mark Jimenez, who brokered the deal, said the amount was divided into three: P1 billiob each for Ronnie Zamora, Jimenez and Estrada),” Yasay said.

Yasay said that Estrada complained about the sharing scheme and took Jimenez’s share and half of Zamora’s share.

“I objected (to the deal) because deals like that needed to be done with full disclosure. But President Estrada suspended me,” Yasay said.

Yasay said that by the time his suspension was over, the deal for the sale of the PLDT shares was already done.

During Estrada’s impeachment trial in January 2001, Yasay testified that Estrada favored Metro Pacific to take control of PLDT.

He said that two suspension orders were issued against him when he tried to investigate the transaction, which might have violated the Securities Code.

The Senate later summoned PLDT president and chief executive officer Manuel V. Pangilinan to testify in the impeachment court on Estrada’s alleged involvement in the said transaction.

Pangilinan was not able to testify in the Senate after Estrada’s allies at the Senate refused to open a second envelope containing bank accounts during the impeachment proceedings. This triggered the five-day EDSA Dos uprising that led to Estrada’s ouster.

Senator Panfilo Lacson said during a privilege speech last Monday that the Yuchengco family was pressured to sell their 7.75-percent holdings in the Philippine Telecommunications Investment Corp. (PTIC) that holds about 2.018-million PLDT shares.

Lacson added that the Yuchengco family was pressured by Estrada to allow Metro Pacific to take control of PLDT through the acquisition of Yuchengco’s 7.75 percent interest in PTIC 11 years ago. 

Business tycoon Alfonso Yuchengco confirmed last Tuesday Lacson’s allegations that Estrada coerced his family into selling its shares in PLDT.

PLDT denied claims that the Yuchengcos were pressured to sell their PLDT holdings.

Ray Espinosa, counsel of PLDT, said the transaction between the group of Manuel V. Pangilinan and the Yuchengco group was commercial in nature and since then “we have had good relations with the Yuchengco Group of companies.”

Erap hits Yasay

Estrada dismissed the allegations of Yasay as a pack of lies.

“Bakit kikita ako dun? Nananaginip ba siya. Eh kung totoo yun, di na ako magsho-shooting (Why would I make money on that? He must be dreaming. If that was true, I wouldn’t be making movies anymore),” Estrada told The STAR.

Estrada, an actor, is currently shooting a comeback movie entitled “Ang Tanging Ama N’yo” with actress Ai-Ai de las Alas.

He accused Yasay of being a paid hack of the Arroyo administration employed to destroy him through media.

“Sira ulo ang taong yan! Bayaran yan para ako siraan dahil natatakot sila (That guy is crazy. They paid him to discredit me),” said Estrada, referring to people in the administration who are behind the smear campaign against him.

The deposed president cited his good showing in the survey ratings of mock polls of presidential aspirants as the reason why he suspects the administration is orchestrating the attacks on him by known political foes.

“He (Yasay) was even suspended by FVR (former President Fidel V.Ramos) for graft and corruption while he was still SEC chief,” Estrada recalled.

Estrada also subsequently suspended Yasay as SEC chief following the latter’s appearance on a television talk show sometime in 2000 where he accused Estrada of allegedly having called him up over the same issue of the PLDT shares.

During that late night talk show, Estrada recalled that he even called the television network to air his side but ended up berating Yasay as a liar. “Tamaan ng kidlat ang sinungaling (Lightning strikes at liars),” Estrada told Yasay. With Marichu Villanueva