Press Release
December 29, 2006

Press statement of Sen. Gordon

In reaction to recent pronouncements of Presidential Commission on Good Government (PCGG) Commissioner Ricardo Abcede, Senator Richard J. Gordon said that he was in favor the privatization of the government's share in various private corporations.

Changes among the personalities sitting as government representatives in these corporations due to ebb and flow of the political tides do not allow for the long term vision and corresponding planning needed for the proper management of these corporations.

The Department of Finance (DOF) and the privatization management office should already look into devising appropriate exit strategies that will allow the government to get the best price for these shares. Any such move should not, however, imply any waiver on the part of the government of its duty to go after any government representatives or private individuals shown to have acted fraudulently against the government's interest in relation to the management of any of these corporations.

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