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Monday, January 03, 2005
Gov't won't sell 27% share in San Miguel: Palace
PRESS Secretary and presidential spokesman Ignacio Bunye dismissed Sunday reports that the government is planning to sell its 27 percent shares in San Miguel Corp. (SMC) to raise additional funds.
Bunye made the statement following reports that the Sandiganbayan's decision rejecting the appeal of SMC chair Eduardo Cojuangco to regain control of the sequestered shares would pave the way for the government to sell the shares.
Bunye said while the government welcomes the court's decision, it has yet to make a decision or plan on how to best utilize the disputed shares.
Aside from the SMC shares, the Sandiganbayan also rejected Cojuangco's appeal to recover 72.2 percent of United Coconut Planters Bank which were acquired through a coconut levy set up by former president Ferdinand Marcos.
Bunye said the decision "finally reverting the so-called Marcos wealth to the government will definitely boost the implementation of land reform and, with Congress approval, provide compensation to thousands of human rights victims."
"The Sandiganbayan decision affirming the government ownership of the 27 per cent coco funds should further strengthen our fiscal position," he added. (JMR)
(January 3, 2005 issue)
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