14 checks turned over to Treasury | Inquirer Opinion

14 checks turned over to Treasury

/ 11:22 PM July 25, 2013

This refers to the Inquirer’s July 16 editorial which stated that:

1. I received the proceeds of the redemption price of the so-called “CIIF Block of SMC Shares” (consisting of 753,848,312 preferred shares in San Miguel Corp. [SMC] that are registered in the names of the 14 CIIF holding companies); and


2. The Supreme Court’s decision declaring government the owner of the CIIF Block of SMC shares has become final and executory.

On the first item, I just wish to clarify that the roughly P56 billion that was paid by SMC last Oct. 5, 2012, to redeem the block was paid in 14 checks separately drawn in favor of the so-called 14 CIIF holding companies.


Because of the amount involved, I was instructed by the board of directors of the 14 CIIF holding companies to personally receive the checks from SMC, as president/CEO of the companies. Also, acting upon a written instruction given by the Presidential Commission on Good Government, these checks, all dated Oct. 5, 2012, were immediately turned over to the Bureau of the Treasury. Incidentally, the 14 CIIF holding companies are fully owned subsidiaries of the CIIF Oil Mills Group (OMG).

On the second item, the Supreme Court’s decision (in the case titled “Philippine Coconut Producers Federation v. Republic of the Philippines,” GR No. 177857-58 and rendered last Jan. 24, 2012) declaring government the owner of the CIIF Block of SMC Shares, the CIIF OMG and the 14 CIIF holding companies, has not yet become final because of a motion filed late last year by the PCGG through the solicitor general seeking the amendment of the ruling.


former president and CEO,

Coconut Industry Investment Fund Oil Mills Group

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TAGS: Coconut farmers, Letters to the Editor, opinion, SMC, SMC shares, Supreme Court
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