Only in the Philippines!

Tycoon Alfonso Yuchengco on Tuesday confirmed that he was forced to sell his stake in a company that had shares in Philippine Long Distance Telephone Company (PLDT) after receiving threats allegedly from then president Joseph Estrada.


In a statement, Yuchengco confirmed Sen. Panfilo Lacson's statements that he was pressured to sign conveyance of his shares in Philippine Telecommunications Investment Corporation (PTIC) to Metro Pacific Investments Corp. (MPIC).

"I confirm the statements made by Senator Panfilo Lacson in his privilege speech relating to my 7.75% PTIC holdings, equivalent to 2,017,650 PLDT common shares. These shares were taken from me in 1998 through sheer intimidation and serious threat to my businesses, myself and my family," he said in a statement.