TWO stunning exposés this month, each involving what can be called multibillion-dollar — not multibillion-peso — misrepresentations, remind us of the famous quip attributed to the late Senate president José Avelino: “What are we in power for?”
TWO stunning exposés this month, each involving what can be called multibillion-dollar — not multibillion-peso — misrepresentations, remind us of the famous quip attributed to the late Senate president José Avelino: “What are we in power for?”The first exposé involved an attempt to overvalue land by nearly P1 trillion , by a company owned by the family of former Senate president Manny Villar during a major real-estate initial public offering that would have attributed hundreds of...
Was it just the desire to profit so immensely, or were there such liabilities already created that made such moves appear necessary to the owners and management?The Department of Finance, the Department of Human Settlements and Urban Development, the SEC and the PSE should look deeper to avoid what happened in the US-caused global financial crisis or in China’s massive real-estate collapse, dragging the economy and burning the savings of hundreds of millions of people for years.
Corruption: Deeper Roots Networks
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