Dubbed as the “cleanest” administration in the last three decades, former President Corazon Aquino’s government, as it turns out, has its skeletons, too.
In a lengthy Facebook post, finance expert Butch Cabanban debunked the so-called myths associated with Cory’s administration and attempted to tell the truth about a number of transactions that were, in a way, doctored by Aquino allies.
Finance expert discredits Cory’s administration
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From stocks at the Philippine Air Lines to the Garchitorena Land Scam, here’s a run down of what Cabanban exposed about the administration of “the pillars of Philippine democracy.”
In 1992, major stocks of the Philippine Airline were sold to Aquino’s relatives namely the Tanjuatco and the Cojuangco. Through the Government Service Insurance System, the government-owned shares lost at least 300 million USD.
Also in 1992, the PAL Building in San Francisco, California which caused PAL to lose around 6 million USD. Louie Beltran, columnist in the Philippine Star, initially divulged the said information but Cory Aquino did not budge.
When Aquino assumed the presidency, some of the assets of the Marcoses and their cronies, instead of being seized by the Philippine Commission of Good Governance, were sold to Baby Loa, all 38 companies of Kokoy Romualdez. The price for the companies was set at only 227,000 USD.
The same manipulation was true for the Cojuangcos acquiring back the Philippine Long Distance Company instead of being sequestered by the PCGG. “The truth was that the Marcos cronies, whether their money were ill-gotten or not, paid the Cojuangcos the prevailing market-stock prices during the sale of equity that happened between them at the time when Marcos was still president,” Cabanban reported.
And perhaps the most scandalous issue associated with the Cojunagco’s is Hacienda Luisita. In 1986, Aquino allegedly promised to give back the lands to the farmers. However, a year later, Aquino issued Executive Order No. 229 forming the Land Reform program, hindering the acquisition of the land.
Moreover, Aquino fired the late Miriam Santiago, then secretary of agrarian reform, when she expressed her opinion that Aquino should inhibit herself as head of the Presidential Agrarian Reform Council given that she was involved in the Hacienda Luisita scandal.
The report is just the first part of the series which Cabanban calls, “Debunking The Myth.”