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Black and White FRONTLINE Ninez Cacho-Olivares 11/26/2010

Friday, November 26, 2010

Black and White

FRONTLINE
Ninez Cacho-Olivares
11/26/2010
Social Services Secretary Dinky Soliman may have, all to herself, P21 billion for her conditional cash transfer (CCT) program, but she certainly can’t get away from the fact that even as she denies she was not involved in the Poverty Eradication and Alleviation Certificate (PEACe) bonds scam — as she had by then already resigned as chairman of the Code-NGO, the beneficiary of the bonds scam, and was already Gloria Arroyo’s DSWD secretary — her husband was an integral part of the scam, being a member of the board of directors of the foundation that received the bulk — 90 percent — of the P1.3 billion in commissions — money multiplied now being bilked from the Filipino people courtesy of this scam.

Code-NGO officials, in a congressional hearing, testified that Hector Soliman, Dinky’s husband, was an active member of the board of the foundation, known as the PEF.

That Dinky’s, as well as the civil socialites who got the big political payback from Gloria Arroyo, as they were part of the coup that unseated then President Joseph Estrada and seated Gloria in Malacañang unconstitutionally, certainly wielded a great influence over Gloria in such matters, as during the hearing, Giselle Lood, deputy treasurer of the Bureau of Treasury (BTr), testified that the earlier proposal of the Code-NGO lacked transparency.

She said: “On transparency, the mode of transaction was not transparent. The Code-NGO has no capacity to transact with the government on a negotiated sale,” yet she also admitted that despite this lack of transparency and the Code-NGO’s lack of capacity to transact with government a negotiated sale, the government still proceeded with the transaction through public auction where Code-NGO and its chosen bank bagged the bonds..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/commentary/20101126com2.html

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