Col. Rabusa links ex Rep Prospero Pichay to pay-offs

At today’s Senate blue ribbon committee hearing on corruption in the AFP, Col. Rabusa accused ex Rep Prospero Pichay of receiving P500K whenever he called on the AFP chief Diomedes Villanueva.

Pichay denied Rabusa’s allegation.

“I’ve never visited any chief of staff. I’m very particular with the protocol. If you need something from the chief of staff, ipatawag mo sila hindi yung ikaw ang pupunta sa opisina nila,” he said.

Oo nga naman. Pichay was the chairman of the House Committee on National Defense when the alleged pay-offs happened. Chairman na nga si Pichay eh siya pa ang pupunta para humingi ng pera?

Pichay added, “Ila-libel ko yan. Idadamay niya tayo e nanahimik na tayo. Irresponsible si Rabusa.”

I agree. Sobra ng panlalait at pangliliit yan ginagawa ni Rabusa kay Pichay. P500K is small-change when you consider that the AFP chief gets P5M a month pocket money.

Ano ba naman yan, ginagawang 10 percenter na lang ang chairman ng national defense committee?

Konting respeto naman Col. Rabusa. The man you are accusing of receiving occasional P500K pay-offs is not a small-time crook. He was one of the closest associates of Gloria Arroyo, fer crissakes!

Anyway, one of them is lying. I wonder who?

‘Yin lang.

Manuel Buencamino

Buencamino was a weekly columnist for Today and Business Mirror. He has also written articles in other publications like Malaya, Newsbreak, "Yellow Pad" in Business World, and "Talk of the Town" in the Inquirer. He is currently with Interaksyon, the news site of TV5. MB blogged for Filipino Voices, blogs for ProPinoy and maintains a blog, Uniffors.com. Game-changers for him, as far as music goes, are Monk, Miles, Jimi, and Santana.

  • I wonder why MB has not zeroed in on the GMA appointees at the most strategic institution of the country. GMA appointed Bunye, Favila and the wife of Luis Villafuerte to the MB. (Monetary Board)

    These guys decide on the price of credit in the country and the price of the dollar.

    Today the current definition of money is in a state of flux. However these GMA appointees must have a clue on their current definition of money since they also help in deciding on monetary policy.

    http://krugman.blogs.nytimes.com/2010/12/15/what-is-money/

    If none of you guys understand what the hell is the function of monetary policy on the economic, political and social life of this country how do you keep watch over these jokers? The BSP treasury operation trades in the financial market daily in the hundreds of millions of dollars and pesos. All outside the prying eyes of anyone.

    The three mentioned above were probably complicit in the crimes of the past government.

    Then you say that no one is allowed to criticize the son of saints and we should dwell on ideas and solutions to the country’s ills.

    You have got foxes guarding the chicken coop.

    Welcome to the entrenched ignorance in the country.

    • Jag,

      I am aware of the importance of the MB and the presence of those three appointees. The question is:

      1. have they done anything illegal? Have you heard any negative things about them?

      2. have they pushed certain monetary policies contrary to public interest? Are the deliberations of the MB public?

      Although I am concerned about their backgrounds, there is really not much one could do after they were appointed. Go to the MB site to see disqualifications/causes for removal.

      I am not qualified to debate monetary policy so I don’t get into it. Maybe you are so why not write about it?

      • Understood. First a statement of historical fact. The Chancellor of the Exchequer is the Guardian of England’s Treasury. In other words he also is the Comptroller of the Treasury. That man is in the country the Secretary of Finance and Secretary of Budget and Management.

        The BSP is the governments depository private bank. Banks are its deputy banks.

        Unlike previous times the world has shifted to a fiat currency. The state actually created a currency it can produce at will.

        That power is also given to the agencies of the State implicitly. Hence the finance head of the AFP has been deputized to create assets from nothing. In fact the AFP borrows money from suppliers to fund their operations. They can kite their cash requirements. They are a hedge fund that can ponzi cash requirements today with future IOUS. Going rate today is 18% per anum. Plus the men with arms also rent out their services

        Revenue based disbursements will always run short
        of actual real time requirements.

        Now back to the BSP… The ability to create financial assets out of nothing allows the BSP to intervene in financial markets. That probably provides the members of the MB with critical information in the operations of the BSP. In the financial markets the currency is vital and relevant information. This is what drives prices of financial assets.

        That is why I detest state intervention that is done in secret. In a country that is distrustful of its political/economic institutions this must be done in the open and openly by making the currency markets truly open can this happen.

        The Philippine state though the BSP has signed currency swap agreements with its neighbors that have surplus dollars. No one knows the substance of these agreements and by not knowing only a privileged few have means to arbitrage their knowledge to gain.

        Because of the last financial crisis in the U.S. the U.S. congress passed a new law that forced the Fed to reveal their rescue packages for banks that included foreign banks and states.

        So far the Fed will create almost $2 trillion in new money from nothing. In point of fact it is the treasury itself that will; profit from this new money since they were used to buy US treasuries that pay interest will be returned to the Treasury.

        That new money alone is equivalent to almost 10 times the output of the Philippines economy. Philippines.

        This crisis and all the other crisis in the past is simply due to the fact that sovereign on down to his privy council have parceled out portions of the power of the treasury for themselves and their families.

        What good is transparency when the institutions themselves do not have the proper paradigm for nation building. Familial self interest rules. Since very few have property rights the system prevails.

        Is it any wonder where these same guys run to states that have very strong and effective property right laws to park their ill gotten properties.

        This rent seeking and rentier mindset is tough to dislodge.

        The anger and disgust you see in the words of the Reyes family in support of their provider is real. For them there is no shame in loyalty, honor and integrity to a system in where they prospered. They feel they are the aggrieved party.

  • UP nn grad

    Ano ang sabi ng lifestyle-check of past many years?

    Isn’t this time to think again that high-ranking government officials (President, Vice-President, Cabinet-secretaries, congressmen and senators and governors) within 10 weeks after obtaining an asset worth P50,000 or more, should report the transaction to, say, Conrado de Quiros or some honest individual?

  • UP nn grad

    Ano ang sabi ng lifestyle-check of past many years?

    Isn’t this time to think again that high-ranking government officials (President, Vice-President, Cabinet-secretaries) should, within 10 weeks after obtaining an asset worth P50,000 or more, should report the transaction to, say, Conrado de Quiros or some honest individual?