Improved financial reporting hikes profits of companies sequestered from Marcoses, cronies

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InterAksyon.com
The online news portal of TV5

Good management practices and improved financial reporting have resulted in higher earnings of companies sequestered from the late dictator Ferdinand Marcos, his family members, and cronies.

This was announced by the Presidential Commission on Good Government (PCGG), the agency tasked to run after the Marcoses’ ill-gotten wealth. 

Profits from companies such as the United Coconut Planters Bank (UCPB), among others, have increased 18 percent to P3.3 billion in 2011 from P2.8 billion in 2010, PCGG Chair Andres Bautista said. 

Revenues also reached P5.1 billion for 2011, 19.5 percent higher than the previous year, Bautista said. 

Of these sequestered companies, UCPB reported the biggest income at P3.048 billion.

Other companies reporting similar profit increases include Cocolife, P241.761 million; CIIF-Oil Mills Group, P 149 million; IBC-13, P 55.92 million; Cocogen, P46.51 million; IRC Group of Companies, P39.256 million; BASECO, P17.129 million; Cocofinance, P14.167 million; and Chemfields, P1.1714 million.

Bautista attributes the improved performance of these companies to the alignment of the good management practices of the companies’ respective boards with the improved monitoring and reporting between the PCGG and these corporations.

“In line with best practices and corporate governance principles of fairness, accountability, and transparency, as we have done in the past, we will be making public our report on the performance of the surrendered and sequestered corporations for the year 2011,” Bautista said. 

“The public can visit our web site, so that they can read the report for themselves,” he added. (Clara Masinag, InterAksyon.com)

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