Senator Lacson calls for probe on ‘behest loans granted by DBP, LBP’

MANILA, Philippines—Senator Panfilo “Ping” Lacson questioned on Monday the $180-million loan that the Development Bank of the Philippines (DBP) and the Land Bank of the Philippines (LBP) had allegedly granted to a company allegedly with only $2 as paid-up capital.

With only $2 paid-up capital, Lacson said Global Air Services Ltd. (GAS) managed to get a total of$180 million loan from the DBP and another $180 million from the LBP.

Lacson said the authorized capital of a company applying for a loan required by the Land Bank was $50,000.

“Global Air Services Ltd. acquired a US$90-million loan from the DBP and another US$90 million from LBP for the purpose of acquiring the ‘economic interest’ in the MRT Corp….,” Lacson said.

“At the time, GAS had a net loss of $403,509 versus an asset of US$5,364 and liability of US$408,871 with paid-up capital of US$2. Yes, 2 US dollars,” he added.

One of those who signed as allegedly authorized representative of GAS, Lacson said, was a known staff of Roberto Ongpin, who was identified as an officer of Deltaventure Resources Inc. (DVRI).

DVRI was the same company that allegedly got a P660-million loan from the DBP to buy 50 million shares of Philex Mining Co., allegedly owned by the bank.

This and other questionable loans would be the subject of a resolution filed by Lacson that calls for a Senate inquiry into alleged anomalous large-scale financial transactions involving behest loans and similar sweetheart deals during the previous administration.

The Senate probe was prompted by the circumstances surrounding the death of DBP assistant legal counsel Benjamin Pinpin.

“Gusto natin malaman kung isang grupo ang nakinabang sa behest loans (We want to know if a certain group benefited from the behest loans),” Lacson stated.