Ex-Philcom CEO bares reasons for resigning

Former Philcom Corp. president and chief executive officer Alex Villamar claimed yesterday that internal and external pressures forced him to give up his post at the cash-strapped company where he worked for almost 18 years.

Villamar tendered his resignation last Jan. 10 but it only took effect last Monday.

Evelyn Singson, president and chief executive officer of APC Corp., a subsidiary of Belle Corp. which controls 40 percent of Philcom, temporarily took over management of the company.

Villamar said that even before he left, Singson had already been conducting meetings inside the office without proper authority.

According to Villamar, Belle which indirectly owns 90 percent of Philcom, continues to ignore his proposal which describes the opportunities and support needed by the company to realize its business objectives.

The proposal also requires a fresh capital infusion of about P300 million.

Without a business model, he said that Philcom could not be competitive enough and would not be able to pay its P800-million short-term loans.

"Because of continuing differences among stockholders, its present business model is fast becoming anachronous, threatened from all sides by competitive pressure, weaknesses in government regulation, lack of funds to pursue needed business initiatives and absence of direction from the board," he explained.

Furthermore, Villamor said that the current management structure of Philcom undermines the authority of the CEO, with a major shareholder using a nominee in Philcom to act only in accordance with his instructions. He refused to provide names.

Aside from lack of support, Villamar said that his disappointments over the situation was aggravated by other recent events.

Villamar noted that some people allegedly representing Belle shareholders actively solicit from former Philcom employees, "poison pen letters and deregatory, albeit manufactured and fabricated" statements against him.

Likewise, he said that there are efforts by some parties to drag management into an intra-corporate squabble that should only be confined among themselves.

To further compound the matter, he said that his stock option in Belle was cancelled. The stock option is a benefit representing the work Villamar has poured into Philcom in the last three years and was in exchange for diminished salary adjustments and bonuses.

Villamar explained that contrary to allegations of mismanagement, he was actually able to transform Philcom from a pure international telecom operator to an integrated telecom provider.