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X’mas present from the Court of Appeals BLURBAL THRUSTS Louie Logarta 01/06/2011

Thursday, January 6, 2011

X’mas present from the Court of Appeals

BLURBAL THRUSTS
Louie Logarta
01/06/2011
The management and board of directors of Philex Mining Corp., said to be the biggest and most profitable mining company operating in the country today, will not relish the fact that their organization is again being featured in a negative light.

Some three months ago, Philex mines, one of the blue chip stocks listed in the local bourse, hit the front pages of several newspapers (and stayed there for several days) after the Senate finance committee chaired by Franklin Drilon revealed to the public that certain Arroyo government officials connected with the Social Security System (SSS) had “inappropriately” received tens of millions as part of their remuneration package from the corporation.

The startling revelations were made by Drilon in the course of an investigation into fantastic salaries that certain GMA favorites were getting from the government-owned and controlled corporations (GOCCs) to which they were assigned. The committee discovered that certain heads of GOCCs were making a killing in office by helping themselves to earnings of the corporations they were supervising, which is prohibited by law. Under Republic Act 7656, GOCCs are supposed to remit at least 50 percent of net earnings to the national treasury, and failure to do so constitutes malversation of public funds..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/commentary/20110106com4.html

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