A resolution has been filed at the House of Representatives seeking a congressional inquiry in aid of legislation into the unpaid loans reaching over P2.1 billion that were granted to the owners of the Banco Filipino that may have contributed to the demise of the once leading financial institution in the country.
In House Resolution 610, Party-list Reps. Enrico Pineda of 1-PACMAN; Francisco Datol of Senior Citizens, Virgilio Lacson of Manila Teachers; Ron Salo of Kabayan, and Jorge Antonio Bustos of PATROL said alleged fraudulent disbursements made by officers of the bank reached P789.4 million.
Pineda said there is a need for Congress to look into the Banco Filipino mess, saying that a congressional probe will help them craft new laws that would prevent bank owners and officials from abusing their positions to further enrich themselves.
Banco Filipinos was ordered closed by the Monetary Board of the Bangko Sentral ng Pilipinas on March 17, 2011 and placed it under receivership due to alleged “dubious, unsafe and unsound banking practices,” among other alleged violations, noted in the resolution.