Everything you've wanted to know about RP politics, but were afraid to ask.

Gov’t didn’t lose single peso—Villar

Posted by akosistella on April 23, 2010


MANILA, Philippines – The government has not lost a single peso and in fact even earned more than P100 million pesos in tax from the sale of the shares of his real estate firm, Senator and presidential candidate Manny Villar said on Friday.

“Nililiwanag ko lang, walang nawawala sa gobyerno maski piso [I would like to make clear that the government did not lose a single peso]. This is a private transaction sa mga funders investors at ng kompanya [of the funders, investors, and of the company],” said Villar at a press conference in his office in Manadaluyong.

“Ang gobyerno natin ay kumita pa dahil nagbayad kami ng tax [In fact, our government even profited because we paid tax]. I think more or less P120 million ang ibinayad ng kompanya [was paid to the company],” he said.

via INQUIRER.net.


SEC urged to speed up probe of Villar

MANILA, Philippines – The Securities and Exchange Commission (SEC) has been asked to immediately investigate allegations that presidential candidate Manuel “Manny” Villar profited illegally from the sale of his company’s shares to the public in 2007.

Ernesto Francisco, who lawyers for another presidential bet and Villar rival Jamby Madrigal, said he wrote SEC chairperson Fe Barin as early as March 16 to request the regulator to investigate why shareholders of Vista Land and Lifescapes Inc., the real estate firm owned by Villar’s family, were allowed to sell shares that were subject to a lock-up period.

In the same letter, Francisco said he pointed out that Villar may have violated certain laws by appearing before the board of directors of the Philippine Stock Exchange (PSE) to take up Vista Land’s application for initial public offering (IPO) of shares.

via ABS-CBN News


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