Monday, June 04, 2007

Boxer Manny Pacquiao's Millions Shake Banks

Who’s in charge of TU’s campaign funds? The usual suspects may have pocketed or shaved campaign funds. Jose Pidal and Gloria had gone berserk why her TUTA got clobbered nationwide despite of sky the limit funding. Somebody may have profited big time from TU funds. There’s no such thing as GMA‘s Team Unity bailiwick in Mindanao. Administration’s so-called bailiwicks are equivalent to vote-padding and vote-shaving (dagdag-bawas scheme), bribery, deliberate disenfranchisement of voters, intimidation, terrorism and other forms of cheating. The fraudulent election results in Maguindanao and Lanao Del Sur are the best showcase of Comelec chief Benjamin Abalos' legacy. Defeated congressional candidate Manny Pacquiao has problem of reimbursing his election expenses as promised by Malacanang. P140 million is a big amount to spend for retirement in luxury in the Philippines. Manny Pacquiao should reveal the names of Malacanang officials who duped him to run against Rep. Darlene Custudio and promised all expenses are paid for. I presumed it was a gentleman’s deal.

Manny’s millions shake banks
Business Mirror 06/04/2007 By Jun Vallecera Reporter

A LOCALLY-BASED thrift bank and two branches of regular commercial banks based in Manila are having difficulties servicing their clients panicked by the sudden withdrawal of most of the deposits of boxing champion Manny Pacquiao.
Informed sources said Pacquiao withdrew all his money from a bank in General Santos City as he conducted a personal audit and found he spent more than P140 million in election-related expenses but was still trounced by his diminutive political opponent.
The withdrawal triggered similar withdrawals in two other banks in the city whose own clients heard of the sudden Pacquiao withdrawal, according to the sources.
None of the banks was identified but two of them are branches of two Manila-based commercial banks and the other is a locally-based thrift institution, the sources said.
Sources said the banks hit by sympathetic withdrawals dealt with their problems by accessing the overnight market to service worried depositors.
According to the sources, Pacquiao, who ran under the Kabalikat ng Malayang Pilipino (Kampi), was miffed that his Metro Manila-based political principals did not deliver their end of the bargain as he sought the reimbursement of expenses arising from his decision to seek an elective position in his native province of South Cotabato.
There was a reported deal for Pacquiao to spend from out of his personal pockets, with the principals pledging to reimburse every centavo spent at the end of the campaign period.
According to sources, Pacquiao called his political principals as it became clear just days before the actual May 14 elections that he would lose his bid to get a congressional seat, only to have them cut the phone line abruptly.
Subsequent attempts to reestablish contact proved futile, and this led Pacquiao to take all his money from the banks, ostensibly so the boxing champion could take stock of what was left of his personal wealth, the sources said.
Temporarily illiquid banks, such as those hit by mass withdrawals, borrow from others on very short term basis and return the money right after.
That the problem was addressed adequately by the overnight market and without the intervention of the Bangko Sentral ng Pilipinas was a clear indication of the relative strength of the banking system as a whole, the sources said.
Meanwhile, a member of Team Pacquiao said it was possible that the superstar boxer did lose that much money in his attempt to become a congressman.
“The P140-million plus Manny lost, [that] could be true,” a Pacquiao confidante said. “Definitely, it’s not lower than P100 million.”
One instance relating to how Pacquiao was duped is how two operators charged the boxer P500,000 but never worked for him after being paid.
The operators said they would help Pacquiao in his campaign but would only do so if Pacquiao paid them the initial sum. Pacquiao never heard from them again. He later found out that they were already working in his rival’s camp.

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