the manny villar formula : C5 scandal + VLL PSE scandal = Villarroyo
C5 scandal + VLL PSE scandal = Villarroyo
did we just witness manny villar’s losing formula? villar’s poll ratings started to take a dive at the height of the C-5 controversy at the senate when he avoided confronting his colleagues at the senate to avoid talking about it ang being questioned on it. it was a simple formula – talk to the press but do not attend senate hearings.
the slide continued when mar roxas in a press conference coined the word Villarroyo. although the point of the name villarroyo was not exactly the same as the C-5, it’s point being villar is the secret candidate of gloria macapagal arroyo, it reminded people just the same about corruption which was C-5 was all about at its core.
arroyo is seen by many as the mother of all corruption in this country, she scored highest after marcos on corruption in surveys. having villarroyo as a name reminded people about the same kind of corruption that people associated with arroyo and did not like.
it is the same fear that people have in not voting for teodoro. teodoro is seen by voters as too close to arroyo so much that just the association gives teodoro the same kind of corruption image. the VLL PSE scandal is about the same thing.
villar does not deny he talked to the PSE (philippine stock exchange) officials about the locked-up shares of VLL after the IPO. he said he talked to them only to get news from them on the status of the listing of VLL at the stock market. so it was just a business call or a follow-up call.
he however forgot that he is the senate president and no ordinary person and even a no ordinary CEO of a philippine corporation. in fact, why would he do such a business call when he is supposed to be no longer connected with the private company VLL? elected officials are prohibited by law to hold corporate positions in private companies when they get elected. this by itself shows impropriety.
villar in his statement also says there was no violation of PSE rules as the locked-up shares he held as they were not released, it was disapproved by the PSE. that means he did ask the permission PSE to release the locked-up shares. it means villar has asked the PSE to violate it’s own rules. that is another impropriety.
saying the government did not lose money in the whole thing and it actually gained in taxes is not the point nor does it change the fact that he committed improprieties in the whole affair.
neither is anything diminished nor made right in throwing the trash at erap estrada who also had his own misdealings with the stock market before when he was president. the charge on estrada then was price fixing on BW Resources shares, a scandal that almost led to the implosion of the philippine sotck market. we do not condone what Estrada did but the proper conclusion here is that villar is just like estrada who both used their power to gain at the philippine stock market.
the C5 scandal and the VLL PSE scandal shows a clear similarity – villar seem to be in the habit of using his power and stature as public official to influence government and other related agencies for his personal gain, specifically for the businesses he and/or his family owns.
the name villarroyo rings a bell.