The Philippine government, through the Presidential Commission on Good Government, or PCCG, has nominated two new directors to the board of food and drink group San Miguel Corp, Dow Jones reported on February 27. PCGG documents showed the new nominees would join three other government directors in the company who were appointed previously and were retained by President Gloria Macapagal Arroyo.

The new nominees, who represent the interest of state-controlled Coconut Industry Investment Fund, or CIIF, in San Miguel are Bank of the Philippine Islands director Octavio Victor Espiritu and banker Egmidio de Silva Jose. They replace lawyer Hector Hofilena and Nestle Philippines Inc. former chief executive officer Juan Santos.

Earlier this month, the Philippine Daily Inquirer reported that the Philippines Bureau of Internal Revenue is chasing the company for PHP880 million (US$15.7 million) in back taxes.

27 February, 2004