PDIC sues former officials of Banco Filipino for estafa

The Philippine Deposit Insurance Corp. (PDIC) has filed criminal complaints against former officials of the defunct Banco Filipino Savings & Mortgage Bank, which the insurer claimed has resulted in estimated losses of P669.6 million.

The state-run PDIC filed charges of syndicated estafa against some 33 officials of Banco Filipino before the Department of Justice on July 5, 2016, the deposit insurer noted in a statement.

Among those charged were former Chairman and President Teodoro O. Arcenas, former Vice Chairman Albert C. Aguirre, and 31 other former officers, employees, and consultants of the bank.

The list of respondents include:

• Albert C. Aguirre
• Romeo M. Avila
• Maxy S. Abad
• Nyreen delos Santos
• Alfredo B. Jimenez Jr.
• Amaya M. Barretto
• Catherine A. Hernandez
• Diosdado Reyes
• Froilan Miranda
• Joseph H. Velhagen Jr.
• Katricia Anne Lising
• Ma. Fe M. Relova
• Marivi Claire C. Llagas
• Mylene Marasigan
• Ralph Guarin
• Ramon M. Arcenas
• Roselie Odiamar
• Serafin P. Tongo
• Venicio S. Flores
• Orlando O. Samson
• Teodoro Arcenas Jr.
• Jovito N. Hernandez
• Anselma S. Cantada
• Carmelita C. Almera
• Edgardo Nacpil
• Lualhati DL. Nicolas
• Ma. Elena B. Lindain
• Nanette Chavez
• Rafael C. Hizon
• Renato C. Sacristia
• Roberta Afable
• Teresita Dizon
• Teresita G. Piscasio
   

But the deposit insurer did not name incumbent Secretary of Foreign Affairs Perfecto Rivas Yasay Jr. in its statement. Yasay served as vice chairman of the bank.

In 2011, the Bangko Sentral ng Pilipinas filed several criminal charges for falsification, grant of illegal loans, and major violations of banking laws, rules and regulations against Arcenas, and Albert Aguirre, as well as executive vice chairman Maxy Abad, executive vice president Catherine Aguirre-Hernadez, and senior vice president Roberta Afable.

Also named in the 2011 charge sheet were directors Yasay , Orlando Samson, Adelaida Adduru-Bowman, Francisco Rivera, and Ramon Montano.

In its complaint-affidavit, the PDIC alleged that the respondents abused their authority as bank officials by conspiring and misappropriating Banco Filipino funds solicited from depositors.

The amount of P669.6 million was supposedly used to pay for travels abroad from January 2000 to July 2003.

"The syndicated estafa led to bank losses. Even after the bank was ordered closed on March 17, 2011, respondents failed to return the amount," PDIC said.

The bank was ordered closed by the Bangko Sentral ng Pilipinas (BSP) after its liabilities topped its assets by P8.4 billion.

"Banco Filipino cannot continue in business without involving probable losses to its depositors and creditors," Espenilla said at that time.

The PDIC said it discovered several "anomalous expenditures" incurred by the bank starting in 2000 until July 2003, representing travel expenses amounting to P669.6 million.

"Of this amount, P621.2 million was unliquidated. Another amount of P48.4 million was spent for the activities of Los Tamaraos Polo and Equestrian Center Inc., an affiliate company of respondent Aguirre," it said.

Other expenses include sponsorships of a tournament in London, England, as well as personal items such as clothing, toiletries, perfume and accessories, groceries, freight services, among others.

"The respondents justified that their travel expenses were incurred to prepare for Banco Filipino's operations as a universal bank, conduct image build-up activities, expand contracts, and explore unspecified business opportunities," the PDIC said.

"Upon investigation, the expenses were found to be not at all related to the business of the bank," it said. — Jon Viktor Cabuenas/VDS, GMA News