A Trafficker in Climaxes

EDIT: I just found out that this article is not by Winnie Monsod. Monsod’s statement re: this article:

“To whom it may concern: I am not the author of an e-mail going around titled “Why I will vote for Noynoy—Winnie Monsod.” To the real author/s: Hiding behind others is cowardly. Stand up and be counted. To everybody else: Any statement attributed to me can be very simply checked by referring to this column, or my column in BusinessWorld [Calling A Spade], or a blog under my name in GMA News.TV.”

Anyway, still read on. It’s an interesting piece.

Villar still refuses to attend the Senate to face questions, and it only reminds me of how GMA used the privilege of her office to avoid questioning. What will happen if Villar wins and more corruption scandals surface?

With Villar catching up to Noynoy in the polls, I am honestly quite terrified of the prospect of him winning. There is a clear case of graft in this instance, and instead of delving into the issues, his allies in the legislative are simply brushing off the allegations as “politically motivated”. As a citizen, we should not accept this. If there is smoke, we must see if there is a fire that needs to be put out. Yes, the timing of the allegations seem a bit off. ( Joker Arroyo was pushing these issues as early as 1998). A known crook and political opportunist, Juan Ponce Enrile, is the person leading the censure. However, when the facts are presented, it is clear as day that something is amiss. It just further builds on my strong suspicions that Villar is a businessman simply looking to control the political arena to make a boat load of money.

I have never trusted Villar since day one. I never trust businessmen who enter politics, because in the end, their core value is and always will be profit maximization. It is well documented that Villar’s real estate empire ran into some serious financial problems when his overexposure to the real estate market and the Asian Financial Crisis made him unable to pay debts he took out to expand his real estate business in the early 1990s. After the Asian Crisis hit, Capitol Bank, owned by Villar and heavily exposed to his real estate investments was essentially ran to the ground and needed to be bailed out. In 2005, Villar tried to solve his debt problems by hiring a group of investment banks to advise him on how he can consolidate all his assets into one company (Vista Land). With the local and foreign investment bankers, Villar came up with a growth story for investors: “Invest in my company because we need it to fund all these wonderful project!” However, what was downplayed during the IPO roadshow was that instead of financing growth, resources from the offering would be used to finance his debt. To appease creditors, Villar even had his investment bankers pitch some form of a debt-to-equity conversion that raised skeptical eyebrows of many. In 2007, the IPO of Vista Land did not do as well as planned, in part because many investors and brokers were the same people who were burned by Villar’s inability to pay back his loans.

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