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CDC Benigno Ricafort is working hard to send money out of Philippines to a company in Korea

Instead of spending the last days as president of CDC expressing gratitude for support from peers, staff and his supporters in the private sector, Ricafort is spotted fervently helping Korean firm to get money from Philippines; triggered red flags everywhere in all Philippines graft and corruption watch groups.

What do most CDC presidents do in the last month in office? CDC Benigno Ricafort is working hard to send money out of Philippines to a company in Korea.

In the past, most CDC presidents spent their last month in office preparing for transition, Benigno Ricafort caught the attention of observers by making a last effort to pay a company which failed to win a controversial bid of the famed Mimosa Casino Estate in Clark Philippines.

Those who are interested to know more might want to look up the petition to the Supreme Court reference G.R. No. 189879, BENIGNO N. RICAFORT, IN HIS CAPACITY AS PRESIDENT AND CHIEF EXECUTIVE OFFICER OF THE CLARK DEVELOPMENT CORP. V. THE COMMISSION ON AUDIT ANDโ€ฆ (log on to http://elibrary.judiciary.gov.ph/resolutions.php?doctype=Minute%20Resolutions&docid=12870164411158492676)

Earlier last year, Benigno Ricafort made headlines when the Philippines Daily Inquirer, Philippines leading newspaper reported a whopping Php18 Million in earnings for the year of 2009 when his salary and legitimate amounted to not more than php2 Million. Trust and confidence on his ability to manage the promising government owned corporation Clark Development Corp. rapidly diminished while Ricafort was being grilled at the Senate.
According to reporter Leila B. Salverria of Philippines Daily Inquirer’s expose titled “Subic, Clark execs highest paid gov’t men” (full story on http://newsinfo.inquirer.net/inquirerheadlines/nation/view/20100807-285364/Subic-Clark-execs-highest-paid-govt-men ) CDC President and CEO Ricafort got his millions through “extraordinary and miscellaneous” expenses, including but certainly not limited to these for example: Php 832,400 in per diem for sitting in the Board of Directors of Clark Development corporation and the Clark International Airport Corp CIAC, another p606,056 in Rata and php497,441 in “others” and then nearly p400,000 in bonus and incentives.

Despite all the admonishments and public criticisms, Ricafort fought hard to remain in office. Previously, it has been a tradition that top officials of Clark Development Corp. CDC would submit their courtesy resignation to path the way for the next president of The Philippines to nominate replacements. Benigno Ricafort made history in Clark by being the first President and CEO to refuse to leave office.

Now within weeks of being finally removed, Ricafort again surprised his peers and interested observers of affairs in Clark Freeport Zone by doing something out of the ordinary. Instead of spending the last days in office expressing gratitude for support and assistance from his peers, the staff and his supporters in the private sector, Ricafort is seen working fervently to help a Korean firm who lost the bid to acquire Mimosa during Ricafortโ€™s terms as president and CEO of CDC, to get money out of the coffers of the Philippines.

Interested observers watch on with suspicious eyes, wondering why Ricafort is so anxious to expedite the process of sending money to Korea. Most presidents would pass on such sensitive legal matters to the next officer and the next board. Could there be some private interests in these efforts? While Ricafortโ€™s php18 Million earnings still remain fresh and spurious on the minds of politicians, stakeholders of Clark Freeport Zone and interested observers, this highly unusual move must once again raise red flags. Ironically, Ricafort was instrumental in the Korean firmโ€™s demise in the bidding for the takeover of the famed casino property Mimosa Leisure Estate in Clark. The Korean firm was faulted for a technicality called technical competence and cited in default of the bid which resulted in losses of several hundred millions in Pesos. Ricafort now steps in as a white knight to help the Korean firm get the money back.

In the Philippines, debt collection agency charges 25 to 35% commission depending on the age of the account receivable. 25% of the amount that the Korean company is looking at will amount to an amount substantial enough for anyone to retire in style in the Philippines, for about 3 generations.

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