Coco fund execs resign en masse

MANILA, Philippines — Twelve ranking officials of the Coconut Industry Investment Fund-Oil Mills Group (CIIF-OMG) have tendered their resignation in protest over Malacañang’s decision to appoint a new “incompetent” head.

CIIF-OMG chairman Eddie Delima said he and the 11 other officials, including current chief executive officer Benedicto Lor, submitted their resignation to Executive Secretary Salvador Medialdea following the appointment of Rehan Lao as new CEO.

“He (Medialdea) never expected us to resign. He even talked to us if we could reconsider, but we really do not accept Lao. And so we stood our ground,” Delima told The STAR in an interview yesterday.

“He lacks the necessary experience and his character is really questionable,” Delima said.

The group said Lao claimed that he is a lawyer even if records showed that he did not pass the Bar examinations. He also has a pending administrative case of misrepresentation before the Office of the Ombudsman.

“This is not a rebellious move. We just want to tell Malacañang that we do not want Mr. Lao. We respect the prerogative of the President, but they should also consider that we want the company to succeed. We do not want someone to be a liability,” Delima said.

Lao was appointed as member of the board of directors of CIIF-OMG last June 25 and this was met with opposition, even before he became CEO.

An election among the board happened last July 3 where Lao lost to Lor but Malacañang eventually insisted that Lao be the CEO.

“It seemed that he really has the connection and is backed by someone close to the President. He already lost in the election and yet he still became the CEO,” Delima said.

Following the resignations, the agency’s three oil mills in Iligan, Albay and Batangas have stopped operating.

Delima said the temporary halt would lead to a daily loss of P1.2 million.

Nothing wrong

Malacañang downplayed the issue, with Medialdea and presidential spokesman Harry Roque Jr. saying the officials tendered their resignations because they were just in a holdover capacity.

Special Assistant to the President Christopher “Bong” Go yesterday brushed aside reports linking him to the CIIF-OMG controversy. He said he has nothing to do with the resignation of the 12 officials. – With Christina Mendez