Monday, September 13, 2021

Pharmally is guilty of non-disclosure of having Michael Yang as guarantor, financier

Wazzup Pilipinas! 

The end does not justify the means. It matters less if all the goods were delivered, when the premise has dubious elements. 

The government should have the assurance that a supplier could deliver, and that could best be assured if the supplier has appropriate means like enough capital, and a credible reputation or track record, among many others, unlike Pharmally who only has above P500k as capital and is even wanted in Taiwan for financial crimes. 

These two factors are already enough to raisevthe eyebrows of anybody in pursuing the transaction. Every procurement specialist would tell the same thing.

If Pharmally would be loaning money from other sources, they should have disclosed at the very start that they have Michael Yang providing the financial assistance and acting as guarantor.

Non-disclosure means they are possibly hiding something. This also tells us that Michael Yang's close connection with the government gave him the advantage in landing the billion- worth contract...and Pharmally most probably just acted as a dummy company, for Yang is possibly the one who benefitted and earned more from the deal.

Yang obviously got favored, and the government did not source other suppliers for better offers. He may have been the former economic adviser, but that should not give him special arrangement bypassing the necessary process and requirements. An adviser does not have the final say, but only gives recomendations.

The pandemic is not a qualified reason for the government to ignore the red flags indicating  Pharmally is not a credible supplier. There may be the need to immediately act in order to effectively counter the effects of this virus, but the government should have confined their options among the credible suppliers only.

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