ROBERTO ONGPIN. RUDY ESPERAS/INQUIRER
MANILA, Philippines – The Development Bank of the Philippines has allegedly approved a $90 million loan (P3.8 billion) for a company owned by businessman Roberto Ongpin despite the absence of a loan application, a senator revealed on Thursday.
Global Air Services (GAS), Senator Sergio Osmeña said, was not licensed to do business in the country and had a capital of only $2.
Osmena said the loan was granted to the company in December 2008 and released three weeks later.
GAS used the money, he said, to buy securities related to the Metro Rail Transit, including those held by two other companies, Ashmore and Presidio, both linked to Ongpin.
“This is criminal, outrageous, and utterly brazen with the participants casually breaking several laws as if they do not exist. They used public money to buy assets for themselves and from themselves. It is Philex all over again,” said Osmeña, chairman of the committee on banks.
“While this transaction is revolting, I welcome it because they became too cocky and reckless,” he added.
Osmeña said he would delve deeper into the GAS deal when the Senate resumes its inquiry Monday into the P660 million given to Ongpin’s Delta Ventures Resources Inc. (DVRI) in 2009.
Ongpin, former trade secretary under the Marcos government, is expected to attend the hearing for the first time.