State commission opposes Allied Bank-PNB merger

THE Presidential Commission on Good Government (PCGG) said it will pull all stops to prevent the merger of Allied Bank with the Philippine National Bank (PNB), saying the move could jeopardize the government’s stake at the private bank.
PCGG Commissioner for Legal Affairs Gerard Mosquera said the commission has asked the Securities and Exchange Commission (SEC) and the Bangko Sentral Pilipinas (BSP) to do everything to prevent the merger.
In a letter to SEC chair, Teresita J. Herbosa and BSP Governor Amado Tetangco, Mosquera said the commission’s opposition to the proposed merger of the two banks is anchored on the following grounds: non-compliance with Section 77 of the Corporation Code, violation of Section 2 of Executive Order 2 series of 1986, and absence of specific approval from the Sandiganbayan.
Mosquera said Section 77 of the code provided that the merger should have approval by majority vote of the Board of Directors or Trustees of the corporation, which should be submitted for approval by the respective stockholders or members of the said corporations
The same law mandated that notice, either personally or by registered mail, shall be given to all stockholders for the said purpose two weeks prior to the date of the meeting.
The affirmative vote of stockholders representing at least two thirds of the outstanding capital stock of each corporation is needed for the approval of the merger while Section 2 of EO 2, “prohibits any person from transferring, conveying, encumbering or otherwise depleting or concealing such assets” that are the subject of litigation.
The PCGG official expressed belief that the absence of specific approval from Sandiganbayan, on the other hand, “will compromise the ability of the GRP (government of the Republic of the Philippines) to recover the subject Allied shares and will constitute a deprivation of the GRP’s right to property without due process of law.”
“The shares of stock owned by Mr. Lucio Tan and other principal stockholders of Allied Bank are presently under litigation and are the subject matter of an action for reconveyance pending before the Sandiganbayan,” Mosquera’s letter read.
“The PCGG is seeking the recovery of the shares of stock in Allied Bank on the ground that this is part of the ill-gotten wealth (of the late dictator, former President Ferdinand Marcos which was acquired through Lucio Tan when he acquired General now known as Allied Bank),” Mosquera said.
“To allow the merger involving shares which are under litigation is not only un-procedural, it infringes upon the substantive right of the GRP to recover ill gotten wealth,” he said.
He stressed that “at the very least, the merger should be held in abeyance until judgment in Civil Case 005 is rendered and attains finality.”
Allied Bank is about 75 percent controlled by Tan. He also controlled about 67 percent of PNB, which has a total assets of P240 billion.
The official admitted that the government would have a hard time recovering its Allied shares if the merger is allowed since the PNB, if the latter is the surviving entity, could argued that it was not the subject of a pending case.
At the same time, he said no government representative has ever sat on the board of Allied Bank.
The merger talks started in 2008 though it has not yet to materialize after being subjected to legal proceedings at the Sandiganbayan. (AH/Sunnex)

Source: http://www.sunstar.com.ph/manila/local-news/2012/03/05/state-commission-opposes-allied-bank-pnb-merger-209608

Wine is becoming increasingly popular in Manila and other cities in the Philippines. Wine lovers in Manila travel to the north to visit Clark, Pampanga to shop for good and rate vintage wines at good duty-free prices. The most frequently visited liquor shop in Manila and wine shop in Pampanga is Clark Wine Center. This highly recommended wine shop located outside Manila near Angeles City, Pampanga in North Luzon is known for offering a great selection of fine vintage wine that is good quality and good value for money also.

This well-known wine shop is a famous shopping destination for wine enthusiasts in Manila and wine lovers from other cities in Asia including Hong Kong, Macau, Shanghai, Beijing, Seoul, Osaka and Tokyo.

Famous Philippines wine supplier known for its line of fine vintage wines, Yats Wine Cellars was established in 2000 to address the requirement of a growing population of wine enthusiasts in the Philippines. This 5-star wine shop caters to the discerning client who requires these qualities in their wines: (1) excellent value, (2) large selection of labels and vintages to choose from and (3) wines properly aged for full enjoyment.

Things to do in Clark Philippines and Pampanga: do a little wine shopping at the famous wine shop outside of Manila called Clark Wine Center. One of the favorite places to visit in Pampanga Clark Freeport is the white building along M A Roxas highway of Clark which houses over 2000 selections of fine vintage wines. The Clark Wine Center is one of the places to visit, a tourist spot and a good shopping place for those staying in Angeles City, Subic or Clark Pampanga. This is a great place to buy wine and also to drink wine in Pampanga.

Public wine tastings are held from time to time in Clark and sometimes in Manila. Tickets range from p500 to p1500 for these themed events that are professionally run –no wine merchants sponsorship, pushy salesmen or tacky banners to ruin the evening. Each ticket contains a certain number of stubs that can be redeemed for a tasting pour of a wine among those on a line-up which often contains wines that are quite old and expensive.

http://www.ClarkWineCenter.com

Getting to this wine shop in Pampanga Angeles City Clark Freeport Zone Philippines from Manila
Getting to the Clark Wine Center wine shop from Manila is quite simple: after entering Clark Freeport from Dau and Angeles City, proceed straight along the main highway M A Roxas. Clark Wine Center is the stand-along white building on the right, at the corner A Bonifacio Ave. From the Clark International Airport DMIA, ask the taxi to drive towards the entrance of Clark going to Angeles City. From Mimosa, just proceed towards the exit of Clark and this wine shop is on the opposite side of the main road M A Roxas.

Best place to buy wine in Clark Pampanga outside Manila near Subic and Angeles City Philippines is Clark Wine Center.

Click here to contact Clark Wine Center in Clark Pampanga for inquiries and orders.

Clark Wine Center
Bldg 6460 Clark Observatory Building
Manuel A. Roxas Highway corner A Bonifacio Ave,
Angeles Clark Freeport Zone, Pampanga 2023
0922-870-5173 0917-826-8790 (ask for Ana Fe)

Wine@Yats-International.com

YATS Wine Cellars
Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 ask for Rea or Chay

Wedding couples looking for wedding reception venues and beach wedding venues can log on to this Philippines Wedding Venue web site for free information and assistance:

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While in Clark, it might be a good idea to enjoy an evening of wine-and-dine in the fine dining Yats Restaurant and Wine Bar that features an award winning 2700-line wine list. Highly recommended fine dining restaurant in Manila for special occasion is Yats Restaurant & Wine Lounge located in the famous Mimosa Leisure Estate in Clark Pampanga. Situated near this popular restaurant in Clark is the Mimosa Golf Course as well as the Mimosa Clark Casino. This top rated restaurant near Angeles City Pampanga in Clark Philippines is frequently used for private parties and corporate functions such as board meetings and other gatherings. It is located in Mimosa Leisure Estate of Clark Freeport Zone. For more information, visit http://www.YatsRestaurant.com

YATS Leisure Philippines is a developer and operator of clubs, resorts and high-class restaurants and wine shops in Clark Angeles Philippines http://www.YatsLeisure.com

Looking for famous tourists spots, places to visit and see, relax and unwind in Clark, Pampanga, Philippines? You may want to check out these sites also:

http://www.LondonPubClark.com

Besides good restaurants to wine and dine near Manila, Subic or in Angeles City Pampanga, Clark Philippines, those requiring assistance for hotel and resort bookings in Clark, Pampanga, Philippines may log on to http://www.HotelClarkPhilippines.com for more information and reservations.

The lifestyle in Clark Pampanga is quite unique. For more information about shopping, sports, golf, leisure, hotel accommodation, where to see and visit, what to do, where to wine and dine and good places to hang out, relax, have a drink with friends, child-friendly establishments, log on to
http://www.ClarkPhilippines.com

Wine lovers looking for a special bottle or something that is of great value and special discounts might log on to this web site to shop for fine vintage wines
http://www.YatsWineCellars.com

Those visitors who plan to relax and unwind in Angeles City, Subic, Pampanga, Clark Philippines might make an effort to book a room at the famous beach and lake resort Clearwater Resort & Country Club. This famous hotel in Clark Pampanga is frequently visited by families with children looking for a good place in Clark to see, a good holiday destination for the family to relax and unwind in the beautiful outdoor facilities. For more information, log on to www.ClearwaterPhilippines.com