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SEC ruling on Philcomsat already ‘restrained’ by CA

/ 10:28 PM November 13, 2011

We write to clarify certain points raised in the letter of one Pitero Reig, which was cited in the column of Prudencio C. Somera Jr. (Inquirer, 11/1/11)

Reig, who represents Concepcion Poblador, claims that the group of Erlinda Bildner “has no right or authority to represent PHC [Philcomsat Holdings Corp.].” The allegation is contrary to the ruling of the Regional Trial Court of Makati City in Civil Case No. 04-1049, which nullified the election of the members of the group of Enrique L. Locsin and Manuel H. Nieto Jr. (to which Poblador belongs) as PHC directors.

While it is true that the Philippine Communications Satellite Corp. (Philcomsat) is the majority shareholder in PHC and that, the Securities and Exchange Commission upheld the validity of the stockholders’ meeting conducted by the Nieto group in July 2004, the SEC’s decision was restrained by the Court of Appeals in CA GR No. 85959 and subsequently rendered moot by stockholders’ meetings conducted by Philcomsat in November 2007. What is surprising is that Reig continues to rely on the 2004 SEC order that favors Locsin’s group when, in November 2007, Locsin and several members of his group were replaced as PCGG representatives in Philcomsat, thus necessitating the holding of Philcomsat’s stockholders’ meeting.


His insistence that Locsin and the members of his group are still part of the Philcomsat group constitutes a blatant disregard not only of the orders of the Arroyo administration, but also of the present Aquino administration. Reig also mentions the dismissal of the petition filed by the Bildner group in the Court of Appeals. This dismissal was actually the result of the holding of the November 2007 Philcomsat stockholders’ meeting which has been rendered moot and academic, and the recall of the appointment of  Locsin and several members of his group as PCGG representatives to Philcomsat.

Reig likewise claims that Poblador is currently the chairman of the Board of PHC. The same is not supported by records in both the Philippine Stock Exchange and the SEC, which list Katrina C. Ponce Enrile as PHC chair. With the recall of the appointment of Locsin, et al. and the withdrawal of support by Somera, Oliverio Laperal and Nieto, how many members does the “board” of Poblador actually have, and who are its members?

These and other related issues were already raised by Poblador and Reig in other newspapers, to which we have already responded in similar fashion.

—ERLINDA I. BILDNER, director/CFO, Philcomsat Holdings Corp.

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TAGS: CA, judiciary, Philcomsat, SEC
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