As the Senate blue ribbon committee continues its investigation into the government’s alleged anomalous purchase of PPEs (personal protective equipment) in 2020, it appears from documents found by the Senate that the Pharmally Pharmaceutical Corporation’s contract allegedly won almost P12 billion.
This is even though its declared capital was less than P600,000 in 2019.
Pharmally officials insist that they have just circulated their capital and most of them have just taken out a loan from suppliers.
It will be recalled that many wonder how the company won billions of contracts in 2020 even though based on financial documents it seems small and just a novice to get a huge transaction.
It was here that the alleged connection of former presidential economic adviser Michael Yang to the allegedly dubious company was discovered.
Pharmally said Yang also lent them P7.29 billion.
“The company is different from the company in 2017. We are not a dummy company… I’m not here to defend Michael Yang. He really does not know about me, my involvement in Pharmally. But when we bagged this contract, we asked Lincoln Ong to approach Mr. Michael Yang,” said Huang Tzu Ten, chairman and president of Pharmally.
Ong is another Pharmally official.
Michael Yang’s relationship with Pharmally uncovered in the Senate
“Ako po ‘yung lumapit ke’ Yang. Sinabi ko lang po na ma-access ko ‘yung ganitong brand, ganitong kompanya, baka ‘kako puwede niya kong tulungan sa funding kasi kulang ang cash namin. Ako po ‘yung lumapit sa kanya, humingi ng tulong,” said Ong.
Yang was unable to attend the hearing again and his lawyer appeared.
The committee has already summoned the businessmen who allegedly supplied Pharmally with medical supplies.
Last week, some senators slammed the Procurement Service office of the Department of Budget Management (PS-DBM) after learning that some local suppliers were forced to sell their products at a loss due to piles of inventory from Pharmally.
Local manufacturer EMS Components Assembly Inc. lost at least P500,000 after it was forced to sell the 75 million face masks ordered by the government for P2 per piece even though their original contract was P13 per piece.