Ongpin’s secretary admits she was ‘dummy’ in $180M gov’t bank loan

ROBERTO ONGPIN. INQUIRER FILE PHOTO

MANILA, Philippines – Businessman Roberto Ongpin’s secretary showed up in the Senate on Monday and pinned down her boss on the alleged questionable loan granted by government banks.

Senator Serge Osmena said Josephine Manalo admitted during a caucus of senators that she was a dummy of Ongpin.

“Yes, she said that she’s merely the signatory and if she asks to sign something, she signs it,” Osmena told reporters when asked if Manalo was used as a dummy of the businessman.

Asked again who was asking Manalo to sign, Osmena said, “Mr. Ongpin.”

Manalo was one of the signatories in the $180 million loan granted to Global Air Services (GAS) by the Land Bank of the Philippines and the Development Bank of the Philippines, which is now being investigated by the Senate.

Osmena claimed the company has no proper documents to acquire the loan and has a paid-up capital of only $2.

But Ongpin vehemently denied that he owned GAS.

Osmena insisted the strong connection between Manalo and Ongpin.

“She is the private secretary of Mr. Ongping since 1967…until now,” said the senator.

And during the caucus, Osmena said, “What we did was established the fact that she was owner on record the vast majority of shares in pratically 50 percent of the Ongpin companies.”

INQUIRER.net tried to interview Manalo after the caucus but she and her lawyers refused to give any comment.

Osmena, who is leading the investigation in the Senate, said Manalo would be invited in the hearing despite her health conditions.

Senators have threatened to cite Manalo in contempt for her failure to attend the past hearings.

“Actually her doctor and even the Senate doctor did say that she may suffer a stroke. She’s already suffered a minor stroke before. She’s under medication for diabetes and for several other illnesses.  She’s already 68,” said Osmena.

But during the caucus, Osmena said Manalo was “very, very comfortable.”

Senators are investigating Ongpin for allegedly using his ties with former First Gentleman Jose Miguel Arroyo to acquire two loans amounting to P660 million.

Ongpin allegedly used the funds to purchase a total of 550 million Philex Mining Inc. shares of stock with prices ranging from P12.75 and P19.75 and selling them to businessman Manuel Pangilinan at an agreed upon price of P21.

For this, Ongpin is also being investigated for insider trading. With a report from Cathy Yamsuan, Inquirer

Originally posted at 02:14 pm | Monday, December 12, 2011