March 12, 1985
The Editor
Bulletin Today
Dear Sir:

Mr. Victor Chiudan has written extensively on the Asian Reliability Co., Inc. (ARCI) and why foreign investors are still interested in it (BT, Mar. 12 and previous). But he hasn’t responded to the four issues against ARCI summarized by columnist Rodolfo V. Romero (BT, Mar. 5).

1. ARCI sought and obtained a guarantee for a loan that appears to have been excessive relative to its financial position;

2. It did not register with the Central Bank the loan it obtained with Philippine assistance;

3. It did not use the funds so obtained for the purposes stated in the Philguarantee and Board of Investments documents;

4. It unauthorizedly exported capital that was badly needed at home;

In short, ARCI lied. Mr. Chiudan did not go that far. But he certainly avoided the issue.
 

GEORGE LADERA