FVR did not suspend Yasay

MANILA, Philippines - We refer to the news item in the 17 September 2009 issue of The Philippine STAR entitled: “Ex-SEC Chief: Erap got P2.5B from PLDT sale” which appears to have been based mainly on what former SEC Chair Perfecto Yasay “told GMA News anchor Arnold Clavio” in a recent interview.

In this interesting but factually untrue item by Ms. Marichu Villanueva, former President Estrada was quoted saying — “He (Yasay) was even suspended by FVR (former President Fidel V. Ramos) for graft and corruption while he was still SEC Chief”.

Without delving into the substance of the subject matter of the article, please allow us to state for the record that Chairman Perfecto Yasay was never suspended during the Ramos Administration. On August 25, 1995, Yasay, then an Associate SEC Commissioner was designated by President Ramos as Acting Chairman, to replace Atty. Rosario Lopez who resigned. On June 24, 1996, Yasay was appointed permanent SEC Chairman by President Ramos for the unexpired portion of the term of former Chairman Lopez. Finally on June 26, 1997, President Ramos appointed Yasay as SEC Chairman for a new term of seven years (up to March 21, 2004). This historical timeline is found in the well-documented book of Perfecto Yasay entitled Out of the Lion’s Den: The Travails and Triumphs of a Public Servant (New Day Publisher 2005). Enclosed herewith is the pertinent extract of said book. The same book also records that it was President Joseph Estrada who suspended Chairman Yasay on July 23, 1998 for 90 days, which suspension was extended by President Estrada on October 23, 1998 for another 90 days. This extension was contested by Yasay and eventually nullified by the Supreme Court on December 28, 1998.

Thank you in advance for providing space in your prestigious newspaper to make the foregoing correction and clarification of a glaring error. — Atty. NICK A. LAGUSTAN, FVR Spokesman