Revocation of PCGG Designated Comptrollers

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SUPERVISION AND EXAMINATION SECTOR OFFICE OF THE DEPUTY GOVERNOR

CIRCULAR LETTER NO. CL - 2008 - 045

To Aii Banks and Non-Bank Financial institutions Concerned

Subject Revocation of PCGG Designated Comptrollers

of the self-explanatory letter dated 10 July 2008 of Mr. Romulo A. Siazon Commission Secretary, Presidentiai Commission on Good Government regarding the captioned subject. For the information and guidance of ail concerned, attached is a copy

Please be guided accordingly.

09 nestor Ar espenila, Jr Deputy Governor

Att.: A/S

Ju|y 2008

Pananalaping Matatag, Bansang Panatag A. Mabini St., Malate 1004, Manila, Philippines Trunkline (632) 524-70-11 URL:www.bsp.gov.ph e-mail: [email protected]

0- XE

10 July 2008 PRESIDENTIAL COMMISSION ON GOOD GOVERNMENT REPUBLIC OF THE PHILIPPINES '03 JIL 11 F/i]W8 P3 :

The Board of Directors

Philippine Communications Satellite Corporation (Philcomsat) Telecoms Plaza Building, Sen. Gil Puyat Avenue, Makati City Philippine Overseas Telecommunications Corporation (POTC) and

Gentlemen:

Pursuant to PCGG Resolution No. 2008-012 dated 02 June 2008, copy hereto

POTC and Philcomsat has been recalled, revoked and set-aside. attached for ready reference, the authority of PCGG designated comptrollers in

Piease be guided accordingly.

Very truly yours.

FOR THE COMMISSION:

Commission Secretary RomuLO SIAZON T

CC: Gov. Amando M. Tetangco, Jr.

Bangko Sentral ng Pilipinas

Tel. No.: 725-69-73 Telefax: 725-90-39 Fax: 727-29-26 IRC Building, # 82 EDSA, Mandaluyong City, Philippines 0g021108-0 cOeES-C7its-c

PRESIDENTIAL COMMISSION ON GOOD GOVERNMENT REPUBLIC OF THE PHILIPPINES

RESOLUTION NO. 2008-012

sequestered corporations; Nos. 91925 and 93005 entitled Eduardo M. Cojuangco, Jr., et al. vs. Antonio J. Roxas, et al. (16 April 1991), the Commission appoints, assigns and designates comptrollers in and in accordance with the safeguards laid down by the Honorable Supreme Court in GR WHEREAS, pursuant to its mandate to conserve and preserve sequestered assets.

and Ms. Teresita A. Tablizo as PCGG Comptrollers in POTC and Philcomsat; WHEREAS, on 25 August 2005, the Commission appointed Mr. Gener L. Reyes

WHEREAS, the Republic of the Philippines was declared the owner of 4,727

virtue of the order dated"December 20, 1991 of the Sandiganbayan approving the Republic of the Philippines vs. Jose L. Africa, et al.. shares of stock of the Philippines Overseas Telecommunication Corporation (POTC) by compromise agreement between the Presidential Commission on Good Government (PCGG) and Potenciano Ilusorio, one of the defendants in Civil Case No. 0009 entitled

G.R. Nos. 141796 and 141804, which became final on September 15, 2005; POTC shares of stock was affirmed by the Honorable Supreme Court in its decision in WHEREAS, the ownership of the Republic of the Philippines over the 4,727

WHEREAS, POTC shares in the name of Polygon/Africa Group are sequestered;

Polygon/Africa Group shares represent 7.13% or a total of 42.07% of the shareholdings of POTC: WHEREAS, the goverument-owned shares represent 34.94% and the sequestered

the government-owned and sequestered shares constitute a minority of the shareholdings of Directors of POTC and Philcomsat, there is no further need to appoint, assign or designate or, maintain the authority of, PCGG comptrollers in said corporations. of POTC, and considering that the Republic of the Philippines is represented in the Board WHEREAS, the Commission, after careful evaluation, agreed that inasmuch as

POTC and Philcomsat is herebv RECALLED,REVOKED and SET-ASIDE. authority of Mr. Gener L. Reyes and Ms. Teresita A. Tablizo as PCGG Comptrollers in NOW, THEREFORE, be it RESOLVED, as it is hereby RESOLVED, that the

E 2. Y CERTIFIED TRUE COPY Done this 2nd day of June 2008, Mandaluyong City. CAMILO L. SABI Secretary

jo dwn RICARDO M. ABCEDE MRCISO S. NARIO

Co Commissioner Commissioner

TERESO JAVIER

Cofunissionen

IRC Building, # 82 EDSA, Mandaluyong City, Ptilippines T0 N.773-0.73T00fv.775.00 29 777.707