Thanks to Nostalgia, and the fact that her Administration was at the dawn of the internet age, much of the negativities of that Administration has been largely forgotten, and people tend to remember only the “good” things about that Administration.
Well, thanks to Noynoy Aquino’s “holier-than-thou” campaign strategy, much of the “unpleasantries” during Cory’s time are being brought back to the surface slowly, but surely. Here are some that I have managed to dig out:
Philippine Air Lines Stocks to NephewsCory approved in January 1992 the sale of 67% of the stocks of the Philippine Air Lines (PAL) to an investment group headed by her relatives, composed of one of her Tanjuatco nephews and three of her Cojuangco nephews. The sale resulted in a loss of USD 300-million plus for the Filipino people. The Philippine government, through the Government Service Insurance System (GSIS), owned the shares. And worse, her nephews did not even have the money to pay for the airline stocks. They borrowed the money that they used to pay the GSIS from three Philippine government-owned banks, even using the PAL stocks as collateral.
Philippine Air Lines Building Scandal“The PAL Scandal,” where Cory authorized in 1992 the sale of the PAL Building in San Francisco, California. It resulted, according to the column of the late journalist Louie Beltran, into a USD 6-million loss to the national airline.
Cory did not charge Mr. Beltran with libel on this issue about the PAL Building. She, however, did file a libel case against Mr. Beltran and his publisher, Maximo V. Soliven on a separate issue, when Beltran wrote that Mrs. Aquino “hid under her bed during a coup d’etat attempt at the presidential palace in Manila.”
The assets of the Marcoses, the Romualdezes and their cronies were supposed to have been sequestered by the new Aquino administration, but Kokoy Romualdez’s (Ferdinand Marcos Sr.’s brother in law) 38 companies, which were worth billions of pesos, were not turned over to the Presidential Commission on Good Government.
Bargain Sale of Companies to Lopa
Cory instead during her first months in office, permitted the transfer of these 38 companies to her own brother-in-law, Ricardo “Baby” Lopa. What’s worst, was the fact that all 38 companies were bought back by Lopa during the transfer for the price of only USD 227,000.
‘Philippine Long Distance Company to Nephews’
The same case happened with the ownership of the Philippine Long Distance Company. Instead of sequestering the company for the Philippine government (as it was then controlled by the Marcos cronies), she returned the billion-dollar company to her Cojuangco nephews. She claimed that her nephews were illegally eased out by Mr. Marcos.
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.