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Syndicated plunder EDITORIAL 10/24/2010

Sunday, October 24, 2010

Syndicated plunder

EDITORIAL
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10/24/2010
The PEACe Bonds, through which Filipinos will be forced to pay P35 billion for a P12-billion zero coupon bond issue in 2002 to give a private group called Caucus of Development NGO Networks (Code-NGO) a P1.4 billion windfall, was an elaborate political payback scheme of former President Gloria Arroyo to the civil socialites who backed her snatching the presidency from popularly-elected President Joseph Estrada. And it should not only be included in the agenda of the Truth Commission but should be a priority.

The government bond issue was unique since it was issued not for any government need but was tailor fit for Code NGO which was then headed by Ma. Socorro Camacho-Reyes, sister of then Finance Secretary Isidro Camacho.

The element of abuse of the seats of power was written all over the issue, which was underwritten by a bank which also figured prominently as benefiting from Edsa II, Rizal Commercial Banking Corp. (RCBC) of the Yuchengco group.

The zero-coupon bond is a debt instrument where the buyers get the bonds at a deep discount of its maturity value but does not accrue interests. It was named Poverty Education and Alleviation Certificate (PEACe) Bonds that Code-NGO itself designed, betraying its true intent..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/commentary/20101024com1.html

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