Former finance chief faces Senate over alleged Roberto Ongpin loan

Former Finance Secretary Margarito Teves. INQUIRER FILE PHOTO

MANILA, Philippines — Former Finance Secretary Margarito Teves faced the Senate on Tuesday to shed light on the alleged anomalous $180 million loan granted to a company linked to businessman Roberto Ongpin.

Teves was then concurrent Finance Secretary and ex-officio chairman of the Land Bank of the Philippines (LBP) when the LBP and the Development Bank of the Philippines (DBP) approved and released the loan to Global Air Services (GAS) in 2008.

Senator Serge Osmena, who is leading the investigation into alleged anomalous transactions under the Arroyo administration of government banks and financial institutions, claimed that GAS has no financial capacity to borrow since it only has a paid-up capital of $2, a net loss of $403,509; assets of $5,364 and a liability of $408,871.

Osmena said the authorized signatory in the loan agreements with the DBP and the LBP was Josephine Manalo, the long-time secretary of Ongpin.

But Ongpin, who testified in the Senate last November 14, vehemently denied owning the company.

“I wish to stress that I had absolutely nothing to do with obtaining these loans,” Ongpin said. “Again, I am being vilified for something that I had nothing to do with.”

Ongpin was invited but was absent in the hearing, citing prior engagements.

In his letter to Senator Teofisto Guingona III, chairman of the blue ribbon committee, dated Nov. 25, 2011, Ongpin said he would be with his wife in London on December 8 to celebrate their Golden Wedding Anniversary.

He said he would be back in the country on January 8 so requested the Senate to hold its next hearing after January 8 so that he could attend.

“I make this earnest appeal for your kind consideration because I really want to be present at the next hearing and be available to explain fully and directly any questions that your committee might have,” Ongpin said.