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THE SECRETARY: Please raise your right hand and answer me.

You, Clarissa Ocampo, do swear that the evidence you shall give in the case now pending between the Philippines and Joseph Ejercito Estrada, President of the Philippines, shall be the truth, the whole truth and nothing but the truth, so help me God?

(The witness nodded in the affirmative.)

THE PRESIDING OFFICER: You may now take your seat, Madam witness.

Atty. Bautista, you may now proceed to qualify your witness.

x x x x x

MR. BAUTISTA. Good afternoon, Your Honors. This witness is being presented to prove that the President of the Republic of the Philippines, Joseph Ejercito Estrada, opened and maintained and still maintains accounts with Equitable PCI Bank under and using the name of Jose Velarde. May I proceed, Your Honor?

THE PRESIDING OFFICER: You were given permission to proceed already.

MR. BAUTISTA. Thank you.

Ms. Witness, can you give us your personal circumstances?

MS. OCAMPO: I am Clarissa Emerita Gray Ocampo, married, 45 years old. My office address is at the 15th Floor of Equitable PCI Bank, Makati Avenue, Makati City.

MR. BAUTISTA: How long have you been with Equitable PCI Bank?

MS. OCAMPO: I have been with the bank for nineteen years but I started off with the ex-PCI Bank.

MS. BAUTISTA: And Mrs. Ocampo, what is your present position at Equitable PCI Bank?

MS. OCAMPO: I am Senior Vice- President and Trust Officer of the bank. As Trust Officer, I am a member of the Trust Committee. I am a member of the Management Committee of the Bank. I am a member of the Asset, Liability Committee Core Group of the bank, and a member of the Retirement Committee of the bank.

MR. BAUTISTA: And since when have you been the Trust Officer of Equitable PCI Bank?

MS. OCAMPO: I assumed the OIC status in August of 1999 and, on October 1, 1999, I was appointed by the Board of Directors of Equitable PCI Bank to be the Trust Officer of the bank.

MR. BAUTISTA: Can you please tell us, Mrs. Ocampo, what are your basic duties as the Trust Officer of the bank?

MS. OCAMPO: Basically, as Trust Officer, I handle the administration, management and overall operations. I oversee the operations of the trust and fiduciary business including investment management arrangements of the bank.

MR. BAUTISTA: Do you remember where you were in the early evening of February 3, 2000?

MS. OCAMPO: On February 3, 2000 at about 6:00 o'clock, 6:30 p.m., I was at the Anvil Restaurant which is at the fifth floor of Equitable PCI Bank, Tower I.

MR. BAUTISTA: And what were you doing at the Anvil Restaurant at around 6:00 o'clock of February 3, year 2000?

MS. OCAMPO: I was attending a cocktail party in honor of our former Chairman George L. Go.

MR. BAUTISTA: And who were at this party, Mrs. Ocampo?

MS. OCAMPO: Senior Officers of the bank, from the head office and some guests, the senior officers ranking from assistant vice president and up.

MR BAUTISTA: At this party did you get to meet a person by the name of Atty. Fernando Chua?

MS. OCAMPO: Yes, sir.

MR. BAUTISTA: How did you get to meet Atty. Fernando Chua?

MS. OCAMPO: Mr. Go called me and introduced me to Atty. Fernando Chua.

MR. BAUTISTA: And, as introduced to you by Mr. Go, who is Atty. Fernando Chua?

MS. OCAMPO: Atty. Fernando Chua, according to Mr. Go represents a certain client of the bank who wants to lend his personal funds to a corporation and wants to use the bank for assistance.

MR. BAUTISTA: Was the sum of the loan mentioned?

MS. OCAMPO: Yes, sir.

MR. BAUTISTA: How much?

MS. OCAMPO: Five hundred million pesos.

MR. BAUTISTA: And the proposed borrower, was the name mentioned?

x x x x x

MS. OCAMPO: Mr. Go mentioned that the borrower is Wellex Group, Incorporated. Mr. Chua then followed through by saying that it is Wellex Group because the principal is very close to Mr. Gatchalian and wants to help him

x x x x x

MR. BAUTISTA: Thank you, Your Honor.

And did Atty. Fernando Chua, Mrs. Ocampo, advise you on when this loan transaction was supposed to be completed?

MS. OCAMPO: That we met on February 3, 2000, he mentioned that the loan five hundred million should be released on or before 12 noon the next day, February 4, 2000.

MR. BAUTISTA: What instructions, if any, did Mr. Go give you with respect to the proposed loan transaction of the principal of Atty. Chua?

x x x x x

THE PRESIDING OFFICER: You may proceed. Go direct to the point.

MR. BAUTISTA: Yes, Your Honor.

Mrs. Ocampo, as Trust Officer of the PCI, of the Equitable PCI Bank, are you aware of an account, a trust account in the name of Jose Velarde?

MRS. OCAMPO: Yes.

x x x x x

MS. OCAMPO: Yes, I'm aware of an account in the name of Jose Velarde.

MR. BAUTISTA: Can you explain to us in brief the circumstances on how you came to know about the account of Jose Velarde?

x x x x x

MR. BAUTISTA: This trust account, Mrs. Ocampo, is this covered by any documents?

x x x x x

MS. OCAMPO: There are several documents with the signature of Jose Velarde. That's the investment management agreement - the investment management agreement, the directional letter to invest in Wellex, Incorporated, the investment guidelines, and the signature cards. This is for the Trust Department.

x x x x x

THE PRESIDING OFFICER: Attorney Yap, retrieve the documents which were earlier distributed which were not official.

Excuse me, the witness had been sitting there for a quite a time. Perhaps she would like to answer to some personal liquidity problem or whatever. Let somebody accompany the witness and perhaps she could take a cup of coffee too.

MS. OCAMPO: Thank you.

THE PRESIDING OFFICER: But the witness is advised not to talk to anyone . . .

x x x x x

THE PRESIDING OFFICER: You may now proceed, Attorney Bautista.

MR. BAUTISTA: Thank you, Your Honor.

Mrs. Ocampo, have you met the President, Joseph Ejercito Estrada, the accused?

MS. OCAMPO: Yes, sir.

MR. BAUTISTA: When?

MS. OCAMPO: I beg your pardon?

MR. BAUTISTA: When?

MS. OCAMPO: When. February 4, 2000.

MR. BAUTISTA: Where?

MS. OCAMPO: Malacanang Palace.

MR. BAUTISTA: What were you doing in Malacanag Palace?

MS. OCAMPO: I brought the documents, the documents I have mentioned earlier for signature.

MR. BAUTISTA: Can you repeat the documents that you brought to Malacanang for the signature of the President?

x x x x x

MS. OCAMPO: The Investment Management Agreement, for the 500 million placement; the Investment Guidelines; the Directional Letter of Investment for the lending to Wellex Group, Incorporated; the Signature Cards and a Debit/Credit Authority.

MR. BAUTISTA: How many copies of this Investment Management Agreement did you bring with you?

x x x x x

MS. OCAMPO: To my recollection, I brought three copies of the Investment Management Agreement.

MR. BAUTISTA: And were these three copies - were each one of them signed?

MS. OCAMPO: Yes, sir.

MR. BAUTISTA: I am showing to you . . . May we put it on record, Your Honor, that I am showing to Atty. Flaminiano three original copies of a documents called an Investment Management Agreement, each copy consisting of two pages each. And I have with me faithful reproductions of the three said documents which were earlier marked in exhibit and initialed by the Clerk of Court. May I ask Atty. Flaminiano to stipulate that what I just said is accurate.

MR. FLAMINIANO: Well, from what I see, the machine copies appeared to be faithful reproductions of the purported originals.

MR. BAUTISTA: Thank you.

x x x x x

MR. BAUTISTA: Mrs. Ocampo, I am showing to you three original copies of an Investment Management Agreement, the photocopies of which were marked as Exhibit "UUU" on page 1. On the second page of each of these Investment Agreements, there is a typewritten name "Jose Velarde" and a signature appearing over the said name.

x x x x x

MR. BAUTISTA: Mrs. Ocampo, on your own personal knowledge, do you know who affixed the signature of Jose Velarde on each of these three Investment Management Agreements?

x x x x x

MR. BAUTISTA: Thank you, Your Honor.

Mrs. Ocampo, who signed this signature?

MS. OCAMPO: The President, Joseph Ejercito Estrada.

MR. BAUTISTA: How far away were you from the President when he affixed the signature of Jose Velarde on these copies of the Investment Management Agreement?

x x x x x

MS. OCAMPO: Sir, I was about one foot away because I was seated beside him on his left side.

MR. BAUTISTA: And at the time the President affixed his signature - - I'm sorry - - affixed the signature Jose Velarde on these documents, were there any other witnesses to this signature?

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