Execs who milked Marcos firms told to return pay

Posted at 01/07/2013 11:40 AM | Updated as of 01/07/2013 4:52 PM

'Sequestered companies used as milking cows'

MANILA, Philippines - The Presidential Commission on Good Government is targeting more than 10 former government executives who received excess pay while in charge of companies sequestered from the family and cronies of the late dictator Ferdinand Marcos.

Speaking to ANC, PCGG Chairman Andres Bautista said the agency has sent out demand letters to the former officials to return excess salaries and bonuses or risk facing cases before the Office of the Ombudsman.

Bautista said that since its creation in 1986, the PCGG was able to sequester at least 5-10 big ticket companies as well as its subsidiaries from the Marcoses and their cronies.

"The PCGG was sort of supervising these companies and there were several who were able to occupy these positions. We are coming out with reports that show how these companies were mismanaged and that what the directors and officers did was, you know, get the money and put it in their pockets. They were milking cows," he said.

The PCGG chief said the agency is giving the former officials until this month to respond to the demand letters before the PCGG starts to file cases.

He said at least 2 former officials of the Independent Realty Group (IRC) Group of Companies, which handles the 18.5-hectare Payanig sa Pasig property, have already offered to return nearly two million pesos in excess pay after receiving the demand letters.

He denied that the PCGG is open to a settlement with the former officers.

"We are giving them time to pay but in terms of amount, we have not reduced them. Ang kanilang hiningi is kung pwede daw amortization, installment, which I think naman is fair," he said.