PCGG: The People's Commission

[PCGG] Press Release – IRC Accomplishment (3 February 2012)

Surrendered company Independent Realty Corporation (IRC Group) today reported a 52.6% increase in net income of P47.6 million as compared to P31.19 million in 2010 income. Gross revenues increased as well from P71.84 million in 2010 to 79.4 million in 2011.

In its 2011 accomplishment report, General Manager Luis Quiogue said the positive results of operations of the corporation are products of administrative reform measures introduced by the new set of directors and officers of the IRC Group. The latter was able to cut administrative expenses by 40% from P19.65 million down to P11.97 million resulting in savings of over P7million from the previous year. He emphasized that notwithstanding the continuing challenge posed by non-paying tenants in the 18.5 hectare “Payanig sa Pasig” property, IRC group’s revenues grew by 10.5% from its 2010 operations.

For 2012, the IRC Group’s new management team will continue in its drive to sustain the growth trends in its current businesses and develop new income streams, thus ensuring its value is enhanced in preparation for its eventual privatization, the accomplishment cited.

The IRC Group was surrendered to the Philippine Government through the Presidential Commission on Good Government (PCGG) by Marcos business associate Mr. Jose Yao Campos on March 21, 1986.

The IRC Group has so far remitted to the PCGG a total amount of P531 million, the amount of which has been turn over by the Commission to the Bureau of Treasury.

Press Release – re PNB Litigation Fund – 12.05.11

PRESS RELEASE; re: “PNB LITIGATION FUND” (5 December 2011)

Recent news reports have resurfaced regarding the US$40 Million fund that was set aside during the time of the late Chairperson Haydee Yorac in 2004, to cover and answer for legal fees and expenses relating to the ongoing litigation in New York and Singapore.

A close reading of these recent news reports would show that the “abuses” refer to the periods covered after the Yorac Commission and before this present PCGG came into being in October 2010. In fact, it is the new PCGG that first reported and made public (in its “100 Day Report and Plan of Action” ) the “abuses” relating to these funds. In addition, as these news reports indicate, it was the new PCGG’s “100 Day Report” that became the basis of the Commission on Audit’s observations with respect to these funds.

Time and again, the new PCGG has sought to clarify this matter in its prior statements, every single time this issue has resurfaced and been recycled and rehashed. These periodic clarifications were made, notwithstanding the fact that there have been no attempts to seek the PCGG’s comments on these matters, in the interest of fair reporting.

Contrary to previous reports, the new PCGG has always maintained open communication lines with the COA concerning these funds. In fact, in coordination with the COA, the PCGG has transmitted letters to the concerned public officials and persons who have undertaken travels or received disbursements from this fund, requesting them further to liquidate and/or explain the relevant circumstances relating to such disbursements. In addition, upon the prodding of the new PCGG, the COA has written the Philippine National Bank to obtain a complete list of transactions and disbursements made on this fund.   This is the most comprehensive effort to completely document all expenses relating to this fund.

The result of this ongoing effort will be endorsed to the Commission on Audit and the Office of the Ombudsman, for its appropriate action.