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Ongpin, BSP butt heads over PBCom directorship

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Businessman Roberto V. Ongpin is at loggerheads with the Bangko Sentral ng Pilipinas over the latter’s decision to defer action on his appointment as director and co-chairman of Philippine Bank of Communications—a move the former Marcos trade minister said was made by the latter despite the absence of a formal complaint against him.

In a letter to the BSP’s Monetary Board, Ongpin said that the action of the policy-making body was “unwarranted” and “unfair” since it was based merely on allegations made by the Office of the Ombudsman against him through statements to the media.

“While on Sept. 25, through press releases, the honorable Ombudsman issued a review resolution finding the undersigned culpable, I wish to point out in the strongest possible terms that up to today, which is more than three months from the press release announcement, no case has been filed against the undersigned in any court in this country,” Ongpin said in the letter.

“As such, it is clear that the undersigned has not been charged in court, much less convicted of any misdemeanor,” he added.

Asked to react on the issue during a speaking engagement at the Rotary Club of Manila, BSP Gov. Amando Tetangco Jr. said the freeze order issued by the Anti-Money Laundering Council on Ongpin’s bank accounts—the event that immediately preceded the Monetary Board’s deferment of the businessman’s PBCom board appointment—was done strictly according to procedure.

“There was a petition [to freeze Ongpin’s accounts] and all relevant laws were followed in the process,” he said. “We understand that there is now a motion for reconsideration before the court [filed by the businessman to overturn the AMLC order].”

In his letter to the Monetary Board, Ongpin said that his decision to resign from the board of PBCom was made to protect the financial institution from the reputational damage that the BSP’s decision had caused him personally.

“This unwarranted and patently unfair ‘deferment’ of my confirmation as director will undoubtedly cause injury to the bank since all seven directors, except its most prominent director (and co-chair of the bank) have been confirmed by the Monetary Board,” he said. “This, in my view, is tantamount to the Monetary Board declaring that I am not ‘fit and proper’ to be a director of PBCom.”


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  • http://pulse.yahoo.com/_5UOZM4PWIDKO7G64HL3PPMXUTM Constantine

    We all know who is telling a lie. The government should be more vigorous in pursuing the culprits!

  • pilosopo4

    Hardcore businessman

  • mario sulit

    Six hundred million loan released after a few days? Appraisal pa lang ng collateral ay aabutin ng ilang araw.Tapos no wrongdoing?

  • sorbetero

    Tetangco’s reputation as a no nonesence CB governor carries a lot of weight and credibility vis-a-vis Ongpin’s self-serving allegations and weighed-down by his own previous history  and the cases pending against him….

  • http://pulse.yahoo.com/_WIWYLFLU4LPKS7B2ZLLRVFKS3Y vir_a

    Most decisions today made by government institutions are based on media reports than on law, policies and procedures. Decision makers are afraid to decide when the issue had already been discussed in the media, even if not yet proven or a case is filed. It’s still a poor and clumsy decision

    • http://pulse.yahoo.com/_5UOZM4PWIDKO7G64HL3PPMXUTM Constantine

      You do not know of what you are talking about!

  • bilango71

    Marcos crony pa rin.  Kung ano ang ginawa nuong panahon ni Marcos ginagawa pa rin hanggang ngayon.  Very incorrigible!



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