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Corruption in Clark Philippines brings shame to the famous Freeport town

Philippines Clark Freeport shamed by expose on graft and corruption at even the highest level

Honest hard-working businesses struggling to stay afloat over the past two difficult years express sadness and hurt by recent expose on how CDC president Ricafort raked in an unbelievable p12 Milllion in income over his legitimate salary

According to leading national newspaper’s 7th August 2010 issue, Philippines Clark Freeport Zone President and CEO Benigno Ricafort earned a whopping Php 14.506 million. Ricafort’s legitimate salary of p2.078 Million faily normal by the country’s standard forms a small part of his 2009 total earnings. While in the past, public scrutiny could reach only as far as salaries and perhaps a few perks like houses and cars, this time the whole laundry list is brought into light, and what an fascinating story it tells.

So where did Ricafort’s richess come from?

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.

Clark Development Corporation has a reputation among foreign and (especially) local investors as being one of the most difficult government agencies to deal with. Graft and corruption aside, which is not the point of discussion here but probably worthy of coverage in a totally separate but comprehensive report, despite the fat checks and bloated pockets, these top executives do very little to make this precious government asset more productive and successful.

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