MANILA, Philippines—The Department of Justice (DoJ) already summoned officials of the Bangko Sentral ng Pilipinas (BSP) and the Banco Filipino Savings and Mortgage Bank for a preliminary investigation on counter charges filed against each other due to the bank’s closure in March.
Ordered to appear at the DoJ on May 5 are BSP Governor Amando Tetangco Jr., deputy governor Nestor Espenilla Jr., deputy governor and general counsel Juan de Zuniga Jr., and Monetary Board members Juanita Amatong, Alfredo Antonio, Ignacio Bunye and Peter Favila. For Banco Filipino, summoned were president Teodoro Arcenas Jr., director Perfecto Yasay Jr. and officers and stockholders represented by Maxy Abad, Francisco Rivera and Mary Lou Vasquez.
The DoJ required all parties to submit their counter-affidavit.
Banco Filipino, in its complaint said the BSP and Monetary Board officials of violated Section 3 (e) of RA 3019 (Anti-Graft and Corrupt Practices Act).
Respondents include Tetangco Jr., Espenilla, Jr., De Zuniga, Jr.; and Monetary Board members Amatong, Antonio, Bunye and Favila.
The BSP and Monetary Board officials are specifically facing a complaint for violation of Section 3(e) of the said law for causing undue injury to Banco Filipino, its stockholders and depositors through manifest partiality, evident bad faith and gross and inexcusable negligence when the BSP and the Monetary Board refused or failed to act on Banco Filipino’s application for emergency loans and thereafter ordered the closure and receivership of the bank.
In its counter-complaint, the BSP sought the criminal prosecution of the bank’s directors for alleged willful refusal to file audited financial statements from 2002 to 2007.
It also accused Banco Filipino’s Arcenas Jr and Yasay Jr. of falsification and issuance of false statements to hide true financial condition of the bank, willful refusal to report loans, 26 counts of violation of BSP laws and directives and willful refusal to cease conduct of unsafe, hazardous and unsound bank practices.