Probe urged on realty firm’s execs

Friday, February 17, 2012

TWO lawmakers are proposing to investigate the outgoing officials of Independent Realty Corporation (IRC) for allegedly receiving excessive and illegal retirement packages and bonuses.

Cagayan de Oro Representative Rufus B. Rodriguez (2nd district) said based on a report from the Presidential Commission on Good Government (PCGG), the outgoing IRC officials who were appointed during the Arroyo administration, were led by former chairperson Ernesto Jalandoni and general manager Manuel Parras.

Have something to report? Tell us in text, photos or videos.

In its audit of the IRC’s books, Rodriguez said the PCGG found out that Jalandoni and Parras received a total of 8.92 million in retirement packages in June 2010 and issued to themselves outgoing “repetitive bonuses” of as much as P1.02 million.

Records also showed that Jalandoni, who served as IRC chairperson since 2001, received a separation pay of P2,649,711.88, while Parras also received P1,195,049,11.

Other officials like Benito Estacio received P467,308.20; Primitiva Millado with P1,607,303.42; Marilou Quintos with P1,427,342.07; Marilou Almoete with P718,973,71 and David Lopez got P859,977.51.

Rodriguez said the PCGG also discovered that the previous board and other IRC employees awarded bonuses to themselves, aside from the separation packages and financial assistance, wherein Jalandoni received 13th and 14th month pay, a cash gift and an “extra bonus” amounting to P212,470.

Estacio also received P136,240; Parras with P172,540 and 11 unidentified employees who received P507,782.83.

Representative Maximo B. Rodriguez (Abante Mindanao party-list) added that the PCGG also uncovered the “legacy of mismanagement” the former company officers left at the IRC.

The former officers reportedly failed to collect rental payments from groups they allowed to occupy on the properties that IRC owns in prime business districts that resulted to IRC’s P1.28 billion loses in potential rental income from the 18.48-hectare Payanig sa Pasig property for over 10 years.

“There is a need to investigate this matter and determine the authenticity of the reports and to find ways to assist the PCGG in recovering the illegal compensation, benefits and bonuses that these former officials received,” Rodriguez said.

The IRC is a firm surrendered to the government by the late Filipino-Chinese businessman Jose Yao Campos along with several affiliate and associate real estate holding companies, lumped together by the PCGG as assets he held in trust for former President Ferdinand Marcos.

With this, the Rodriguez brothers directed the House Committee on Good Government and Public Accountability to conduct an inquiry and to serve notice to all concerned to shed light and resolve the issue. (Annabelle L. Ricalde)