Congressman Pleads Guilty for Drug Trafficking

ILOCOS SUR

Congressman Ronald V. Singson plead guilty on 31 January 2011, admitting before the District Court in Wan Chai to the drug trafficking case filed against him at the Tsuen Wan Magistracy Courts after  his arrest on 11 July 2010. Hong Kong police nabbed him at the Hong Kong Kok International Airport for carrying 26.1 grams of cocaine and two tablets of diazepam (Valium) on a flight from Manila. In Hong Kong, trafficking a dangerous drug carries a maximum penalt of life imprisonment and a fine of HK$5 million ($644,000).

Singson, son of Ilocos Sur Governor Chavit Singson, admitted he started using cocaine in 2004, and since 2010, he has been smoking up to four to five grams of cocaine daily. The cocaine recovered from him was supposedly for personal use and not for selling.

THE SENTENCE
Wang Chai (Hong Kong) District Court Judge Joseph Yau sentenced Singson to one year and six months in prison for illegal drug possession. Yau took into account Singson's guilty plea, previous good character, clear criminal record, and his lack of plan to re-sell the drugs.

The Singson family decided not to appeal the case to a higher court out of prudence. A loss in a higher court might result to a longer sentence.

RESIGNATION
In a one-page resignation letter, dated 28 February, Singson let go of his post as representative of Ilocos Sur. Speaker Feliciano Belmonte Jr. received the letter from the elder Singson, Ilocos Sur Governor Luis "Chavit" Singson on 1 March 2011.

In keeping with the time-honored tradition of this August COngress to be ever vigilant that all who work in its corridors or sit in its various sessions must come with clean hands, clean minds, and clean hearts, I have come to the painful decision to tender my resignation as a member of the 15th Congress, went a part of his letter.

Sources

Ben Rosario: "Singson resigns," Manila Bulletin 1 March 2011
Henry Omaga Diaz: "Singson sentenced to 1 year and 6 months in prison," ABS-CBN News 24 February 2011
Sunstar News Exchange: "Lawmaker pleads guilty to drug raps," Sunnex 31 January 2011

Non-Compliant Listed Stocks Will Be Delisted

MANILA
The Bureau of Internal Revenue (BIR) raises the bar of listing requirements for companies listed in the Philippine Stock Exchange (PSE) on 17 January 2011. It imposes a final tax on the net capital gains from the sail of stocks for listed companies that failed to to meet the 20 percent public ownership requirement. According to BIR, a publicly listed company should have at least 10 percent, and up to 33 percent, public ownership.

Sale of up to P100,000 worth of stocks will be taxed 5 percent, and 10 percent on over P100,000 worth of stocks. 

The Securities and Exchange Commission (SEC) earlier implemented the 10 percent public ownership requirement on publicly listed companies. Those non-compliants must comply within a year to avoid penalties or even delisting.

Right now 40 companies listed in PSE have less than 10 percent in public ownership. These companies include government-owned PNOC-Exploration Corp. [PEC, PECB/Oil], Eton Properties Philippines Inc. [ETON/Property], Metro Pacific Tollways Corp. [TOL/Transportation Services], San Miguel Purefoods Co. Inc. [PF/Food, Beverage & Tobacco], Petron Corp. [PCOR/Oil], Atok-Big Wedge Co. [AB/Mining], Alphaland Corp. [ALPHA/Diversified Industrials], Polar Property Holdings Corp. [PO/Property], PLDT Communications and Energy Ventures Inc. [PCEV/Telecommunications], Makati Finance Corp. [MFIN/Small and Medium Enterprises], EasyCall Communications Philippines Inc. [ECP/Diversified Services], Republic Cement Corp. [RCM/CIA Services], Manchester International Holdings Inc. [MIH, MIHB/Holding-Chemicals], United Paragon Mining Corp. [UPM/Mining], Aboitiz Transport System Corp. [ATS, ATSP/Transportation Services], Euro-Med Laboratories Philippines Inc. [EURO/Chemicals] and Keppel Philippines Marine Inc. [KPM/Transportation Services].