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Tag Archives: Manuel Villar

Villar sh!ts on PSE for more money?

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Great. How timely.

Just when I’m all set to buy some stocks from listed companies in the Philippine Stock Exchange, then sh!t like this happens…

Estrada, Enrile accuse Villar of pressuring PSE on stock sale

Sen. Manuel Villar, Nacionalista Party standard-bearer, earmarked for his presidential campaign P5 billion which he raised from an allegedly irregular transaction three years ago involving his real estate firm’s shares, Senate President Juan Ponce Enrile said Thursday.

The P5 billion came from the P26 billion that the family-controlled Vista Land & Lifescapes Inc. (the corporate successor of real estate developer C&P Homes Inc.) raised in the stock market, said Enrile, senatorial candidate of the Pwersa ng Masang Pilipino (PMP).

Enrile accused Villar of influencing the Philippine Stock Exchange (PSE) board in June 2007 into approving his request to release almost 30 percent of his shares in Vista Land from the lock-up period in violation of stock exchange rules.

“If he can do this when he is still not the President, how much more if he is already the President of this country?” Enrile said at a news conference at the campaign headquarters of former President Joseph Estrada’s PMP in Mandaluyong City.

“Is this the type of person that the country should install as the next President of the Philippines?” he added.

Prohibition

The lock-up requirement is a prohibition on all listings and public offerings of shares of stock of private corporations.

It prohibits major shareholders like the Villars from selling their shares within a certain period to protect small shareholders from the devaluation of the shares, according to Enrile.

“In simple terms, those who want to generate funding for their companies by selling their shares to the public are prohibited from selling or dumping their own shares within a certain period because such will affect the price or value of the listed shares, thus unjustly enriching the majority shareholders at the expense of and to the detriment of the public,” Enrile said.

Villar at PSE meeting

Enrile presented minutes of a supposedly confidential PSE meeting in 2007 and a letter of PSE chair Hans Sicat as proof of his allegations against Villar. (Sicat joined the PSE board and became its chair only last year.)

The minutes showed that Villar was present at the PSE board meeting on June 29, 2007, when the board approved the release of 29.28 percent of his shares. Enrile said it was Villar himself who requested an audience with the PSE directors.

“From the record of all these proceedings, there is no doubt in my mind that Sen. Manuel Villar himself lobbied and exerted pressure to railroad the approval of his family-owned company’s request for exemption to enable him and his family to sell their shares which were otherwise subject to lockup at a hefty premium!” Enrile said.

How does his election campaign song go again?

♫ Hindí bawal mañgarap
Ang mahirap
Bastá’t maáabot itó
Sa malinis na paraán… ♪

Click here for more of the Villar-PSE debacle.

Noynoy & Mar vs the Evil Empire: Who Else Will Join The THIRD PARTY?

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Mar Roxas III & Noynoy Aquino III: the 'THIRD' Party!

Mar Roxas III & Noynoy Aquino III: the 'THIRD' Party!

He’s not a trapo after all.

In a shocking development, Senator Mar Roxas III announced that he’s backing out from the presidential race to support fellow Liberal Party member Noynoy Aquino III. The announcement was made yesterday during a conference held at the historic Club Filipino (were Noynoy’s mom Corazón Aquino took her oath as President of the Philippines way back in 1986):

“Today I am announcing my support for the candidacy of Noynoy Aquino for president in 2010,” Roxas told Liberal Party members and supporters.

“Noy has made it clear to me that he wants to carry the torch of leadership,” he said. “I do this (step aside) for unity in support of change and that means that somebody must make a sacrifice. It must be me.”

The two “Thirds” (they both share ‘III’ at the end of their respective last names) are a force to reckon with, perhaps the perfect tandem to possibly halt ousted President Joseph Estrada’s plans of backing out from the most anticipated presidential election in recent history.

Erap has been vocal these past few weeks, saying that the only reason for him not to run for the presidency is when the opposition fields only a single candidate.

As of this writing, Makati Mayor Jejomar Bínay and Senator Manuel Villar, both from the opposition, are yet to make a final statement whether or not they would support Noynoy or still pursue their political ambitions. But Erap said that he’ll still woo other presidentiables from the opposition to unite and fight whoever Gloria Macapagal Arroyo will anoint.

It will be remembered that in the 2004 presidential elections, the massive electorate who sided with the opposition were divided between Pánfilo “Ping” Lacson and legendary icon (Erap’s bestfriend) Fernando Poe, Jr. Both were well-loved and supported by the masses. But since the votes were divided between the two of them, the results proved to be disastrous: Ping ended up second to FPJ’s votes while the latter was blatantly cheated all the way to high heavens.

Noynoy is still hesitant whether or not he should run. But with Mar Roxas’ stirring announcement (quite possibly he’ll run as Noynoy’s Vice President), that could possibly be the nail in the coffin for Noynoy’s decision-making. Besides, Mar has already spent millions of pesos with all those television advertisement of his. It’s not that easy to back out from the presidency especially when millions have already been spent, and Noynoy knows this. Besides, with the recent passing of her “icon of democracy” mom (not to mention the recent Ninoy Aquino holiday last August 21), this is the perfect time for him to ride on the heels of the so-called “Cory Magic”. It’s back, still fresh, still strong, still sporting the bright yellow in the minds of the populace. All he has to do is to keep it burning, to keep the momentum going.

Hopefully this time, the opposition will learn from mistakes of the past. It’s still September — plenty of time to THINK.

Who else will join the Third Party?

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