Quantcast
Latest Stories

Ongpin, BSP butt heads over PBCom directorship

By

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.”


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Bangko Sentral ng Pilipinas , Banking , Philippine Bank of Communications (PBCom) , Roberto V. Ongpin

  • 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!



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Camilla’s brother dies of NYC head injury
  • Nepal officials go to Everest to try to end crisis
  • Escudero ready to defend self should name appear in Napoles’ list
  • Obama calls for peaceful end to island dispute
  • Russia not abiding by agreement on Ukraine—Obama
  • Sports

  • Promoters Dela Hoya, Arum in talks for Pacquiao-Alvarez—report
  • Benzema guides Madrid to 1-0 win over Bayern
  • Suns’ Goran Dragic win NBA’s Most Improved Player award
  • Heat go up 2-0, hold off Bobcats 101-97
  • Ronaldo shakes off injury fears to play Bayern
  • Lifestyle

  • Photos explore dynamics of youths’ sexual identity
  • 12th Philippine Food Expo set at the World Trade Center
  • No tourist draw, Malang the croc will remain wild
  • The best flavors of summer in one bite, and more
  • Homemade yogurt, bread blended with pizza, even ramen
  • Entertainment

  • Has Ai Ai fallen deeply with ‘sireno?’
  • Sony developing live-action Barbie comedy
  • California court won’t review Jackson doctor case
  • Return of ‘Ibong Adarna’
  • Practical Phytos plans his future
  • Business

  • Facebook profits triple as mobile soars
  • Insular Honors Sales Performers at Testimonial Rites
  • Apple increases stock buyback, will split stock
  • Cost-recovery provisions for affected gencos urged
  • This time, BIR goes after florists
  • Technology

  • Enrile in Masters of the Universe, Lord of the Rings?
  • Top Traits of Digital Marketers
  • No truth to viral no-visa ‘chronicles’
  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • PH-HK relations repaired, but families of victims still being courted
  • Filipinos in Middle East urged to get clearance before returning
  • PH seeks ‘clearer assurance’ from US
  • China and rivals sign naval pact to ease maritime tensions
  • What Went Before: Manila bus hostage crisis
  • Marketplace