Philcomsat installs PCGG nominees

In the latest effort to finally resolve the leadership row at the divided Philippine Communications Satellite Corp. (Philcomsat), a special stockholders meeting initiated by its parent company, Philippine Overseas Telecommunications Corp. (POTC), was held last Friday to install the three government nominees and complete the new set of directors.

Three nominees of the Presidential Commission on Good Government, the caretaker of the government’s 35-percent stake in the company, were officially elected during the meeting, while each of the families owning the founding shares in Philcomsat are represented in the newly reconstituted board.

As a result, the nine-man Philcomsat board now consists of Manuel Nieto Jr., Honorio Poblador III, Victor Africa, Erlinda Illusorio-Bildner, Francisca "Kitchie" Benedicto, Katrina Ponce-Enrile and the PCGG appointees Enrique Locsin, Julio Jalandoni and Manuel Andal. The three represent the government shares.

Africa, was designated as Philcomsat’s officer-in-charge until such time that the board, in a quorum, sets up its own organizational meeting to elect the company officers.

"There is a time provision for the notice of the board meeting, it may take about 10 to 15 days to do that," Africa said.

"We should not be spitting into the wind; having assessed the situation at Philcomsat, somehow or another there must be some kind of agreement that would finally bring peace among the shareholders," Africa said.

He stressed that last Friday’s action was part of the company’s commitment to install the PCGG nominees at the soonest possible time and give way to President Arroyo’s desire herself to work out a smooth transition in the company’s reorganization.

He added that POTC’s latest move (stockholders meeting) was likewise consistent to PCGG Chair Haydee Yorac’s desire and continuing efforts to help resolve the brewing corporate squabble between the two factions: those identified with the camp of Nieto and those belonging to the group of Africa.

In a March 22 meeting, the Nieto-led group elected its own set of directors and corporate officers, installing Locsin as the new board chairman. However, the Nieto-led board failed to include the appointment of Andal, the director of the Presidential Management Staff, to replace holdover director Edgardo Villanueva.

Africa added that in view of the competitive business environment in the telecommunications industry, it becomes more crucial to resolve the board dispute and focus on effectively managing the company into financial stability, to the benefit of the shareholders, government and the public in general.