The Senate hearing on Thursday revealed how Chinese businessman and former presidential economic adviser Michael Yang came to the Philippines.
Sen. Richard Gordon, chairman of the Senate Blue Ribbon Committee, first asked when and how Yang started his business in the Philippines.
But Yang said he could not remember most of his first transactions in the country.
“I came here around 1999 to 2000. I went to live with my friend and came around with my friend. It was a very long time ago, I had friend in Davao so step by step I started to look what are the potential business,” Yang explained through his translator.
“It was a very long time ago so I cannot remember clearly . . . It would be around 2005 or 2007, I started as an ahente (agent) I was not a big businessman when I came here.”
The question was repeated, but the answers of the businessman from Davao City seemed to be elusive.
“Napakasimple lang naman ng tanong ko eh anong naging negosyo niya,” said Gordon
Michael Yang said, “I started RTW some clothes, some goods I sold, so I was in a trading business. I had a store in Davao. In the beginning, Yangtze and then later on it was DCM.”
“At that time, I didn’t bring a lot of money because I was very young then,” he added.
Yang also did not directly answer who his first friends were in Davao.
Gordon questions Yang’s connections.
“I have many friends in Davao. . . several thousands, ” he said.
Gordon showed a picture of the building allegedly owned by Yang in Davao where his company DCLA is based with a capital of P10-million.
Michael Yang’s connections, business tackled in the Senate
But Yang said they were just renting the building, which he said was owned by a Kian Bee from Davao.
“This is not my building I rented this. Meo (this is not mine.) This building is rented by our company. It should be several thousand meters. . . It should be around (6,000) or 7,000 square meters,” Michael Yang explained.
Meanwhile, Senator Franklin Drilon said it turns out that Michael Yang is not paying the right taxes.
Yang could not say what was the source of his income or where the P208,000 he earned in 2018 came from and he will ask his accountant.
According to Drilon, Michael Yang’s income tax returns for taxable years 2019 and 2020 could not be read either, so he asked Yang to submit a clearer copy of such documents.