Making a killing

With the ongoing investigation into Pharmally and the billions in contracts obtained from the Duterte administration at the beginning of the pandemic, the luxurious vehicles of its officials have been brought to light. The prices are staggering. The president of Pharmally owns a 2021 Lamborghini Urus allegedly worth P25 million. Its director has a Porsche Carrera 4S worth P13.5 million. The corporate secretary/treasurer owns an P8.5-million Porsche and another sports car worth P5.9 million. Three officers, more than P52 million pesos worth of vehicles among them. Several houses could have been bought for that amount but not for these officials. Rolling around Metro Manila in luxurious, expensive cars is the way to go, all acquired from business with the government. All were bought by company officials who lacked the capital to fulfill the government contract. But no problem. They have a trump card to play.

I wonder how much Michael Yang earned from his loan to Pharmally. If the officials bought such lavish rides after being paid by the government, surely Yang earned as well. Would you lend to a business with not enough capital without some amount in return, especially after the said company bagged billions in contracts with a friendly government? I think not.

There is nothing wrong with buying an expensive car if you have worked hard for it and can do so. But what is in question here is how fast Pharmally grew as a company. The officers seem too young to earn that much, that fast, at least that's what senators think. Others can only buy such a vehicle after being in business for quite some time and are old enough to enjoy the fruits of their success. And for Pharmally officials to be able to buy such vehicles, they must have made a killing. All that in just one and a half years. That’s what the Senate is investigating, along with questions of overpricing, being favored by the government and others.

Ordinary citizens cannot help but be blown away by the price of these vehicles. How to earn enough during a pandemic to have something to eat daily is the main concern. But for these Pharmally officials, their problems are different. Not enough capital? Borrow from a good friend of the president. Get the contract from the government, deliver with the help of the same person who lent them the money and served as guarantor, and just wait for the windfall. Piece of cake. Then buy the cars and show everyone you have arrived. Problem solved.