MANILA, Philippines—Even excluding the 20 percent share of former Marcos crony Eduardo Cojuangco, the San Miguel Corp. (SMC) still owes the government P17.65 billion worth of shares, according to the Presidential Commission on Good Government (PCGG).
The PCGG has filed a petition before the Supreme Court seeking to compel the food and beverage giant to deliver the sequestered shares, which represent four percent of the SMC shares owned by the Coconut Industry Investment Fund (CIIF).
The so-called “CIIF block,” according to the PCGG, is “separate and distinct” from the shares recently cleared by the high court as legally belonging to Cojuangco, President Aquino’s uncle and chairman of SMC.
In a petition filed Monday, PCGG sought SMC’s compliance with a September 2000 Supreme Court order upholding a Sandiganbayan resolution awarding the PCGG some 26,450,000 of SMC shares held in trust for coconut farmers.
“We are merely seeking to implement a final and executory decision of the Supreme Court and the Sandiganbayan,” PCGG Chairman Andres Bautista said.
“The Court decided this matter a long time ago. It’s about time the Republic got back what rightfully belongs to it—the shares in trust for the Filipino coconut farmer,” Bautista said in a statement.