Phil Journalist

PHILIPPINE JOURNALISTS, INC.

TIME CONTEXT

Philippine Journalists, Inc. was incorporated on October 20, 1972, shortly after the declaration of Martial Law. At the time of incorporation, the PJI offices were located at Meralco Building in Pasig, Rizal. In 1976, the company transferred its offices to Railroad Street, Port Area, Manila, after subleasing from Beta Realty Corporation a lot known as “Block 173” with building owned by the National Government. Subsequently, it subleased on June 21, 1979 from Capital City Realty Development Corporation another lot, Block 168, also on Railroad Street, Port area, Manila, owned by the National Government. On April 21, 1980, Beta Realty Corporation, an affiliate of PJI, transferred or assigned its rights and interests on aforesaid “Block 173” to Capital City Realty Development Corporation, another affiliate, per “Contract to Sell/Assign Leasehold Rights and Sell Improvements” which was subsequently approved by the Ministry of General Services. The term of the lease is 25 years from July 15, 1976 up to July 15, 2001.

VIEWPOINT

There is significant doubt in terms of the 4,765 common shares outstanding sequestered in the name of Rosario Olivares and 9300 and 33,000 preferred shares outstanding sequestered in the name of Rosario Olivares and Capital City Realty Development Corporation respectively. The recovery of these sequestered shares a ill-gotten wealth is, nevertheless, part of the civil action in PCGG case no. 0035 where PJI is listed as one of many corporations whose shares of stocks are allegedly owned by Benjamin Romualdez.

Another point of view in this case is that Benjamin Romualdez became the beneficiary, directly or indirectly, of cash funds aggregating P23.7 million released by PJI which was approved or authorized by Rosario Olivares.

Rosario Olivares, Benjamin Romualdez and DBP Governors who approved the behest loans of US $1,869,140 for PJI in 1976-1978 should be prosecuted for the violation...