Playing The Stock Market And Playing Filipinos (For Fools) [Updated With Villar Denial Detailed]
By his own admission, Sen. Manny Viilar is using part of the windfall from the initial public offering on his realty firm to fund his bid for the presidency.
The good former senate president goes on it stress that since he’s using his own money he has political favors to pay, unlike his rivals “whose unseen financiers will surely want to collect on their investments.”
Mr. Villar also tells journalists that “the rest of my money will go to charity as I’ve already given my children their inheritances.
I want to applaud.
But what’s this?:
Senate President Juan Ponce Enrile:
Villar met with the Philippine Stock Exchange board three years ago to pressure its members into bending the so-called lock-up rule so he could sell his stake in Vista Land and Lifescapes, Inc. after it got listed on the bourse. There is no doubt in my mind that Senator 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 a lock-up at a hefty premium. Did Senator Manny Villar, as has been the talk in business circles, really threaten the PSE with a Senate investigation of the shenanigans of its own members?… If such is a fact, I call on the PSE board to say so. Villar’s use of his position for personal gain betrays the presidential bet’s “real character.” “Sinira ni Manny Villar at ng mga kasabwat niya sa PSE Board ang integridad ng Philippine Stock Exchange. Ito ba ang uri ng tao na dapat iluklok ng sambayanan bilang susunod na Pangulo ng Pilipinas? (Manny Villar and his cohorts on the PSE board destroyed the integrity of the Philippine Stock Exchange. Is this the kind of person who should become the next Philippine President?)”
(Under PSE rules, a shareholder who owns at least a tenth of a company being listed on the exchange cannot sell his shares until after six months. One of Villar’s real estate companies that had a stake in Vista land was supposedly exempted from the 180-day lock-up period.)
Nililiwanag ko lang, walang nawawala sa gobyerno maski piso [I would like to make clear that the government did not lose a single peso]. This is a private transaction sa mga funders investors at ng kompanya [of the funders, investors, and of the company]. Ang gobyerno natin ay kumita pa dahil nagbayad kami ng tax [In fact, our government even profited because we paid tax]. I think more or less P120 million ang ibinayad ng kompanya [was paid to the company]. So nakinabang ang bayan, nakinabang ang bayan dito. Kumita ang PSE sa fee [So the country profited, the country profited here. The PSE profited from fees]. Walang masamang nangyari, walang irregularity, walang na-violate na batas [Nothing wrong happened, no irregularity, no law was violated]. Normal naman na pumunta sa PSE [It’s normal to go to PSE]. Magtatanong anong balita [To ask what the news is]. Na-disapproved [Was the request disapproved]? Okay.
I reported P26 billion earnings were proceeds from the primary offering of the VLL’s shares. A big portion of these proceeds went to the company.Alam ko pulitika lang naman ito kaya hindi na [I know this is just politics so I will not file charges against my accusers].
We’ll have to take Mr. Villat then with the polls just over 2 weeks away. I do have to agree that the revelation is calculated to further disenchant voters with Villar.
I wonder though about his remarks that since the government even earned revenue from his IPO windfall nothing foul happened.
What about the OFWs who lost money???