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BSP, Banco Filipino trade criminal charges
By SOPHIA DEDACE, GMA News
(Updated 5:15 p.m.) The Bangko Sentral ng Pilipinas (BSP) and Banco Filipino Mortgage and Savings Bank filed criminal charges against each other at the Department of Justice on Friday in connection with the thrift bankâs closure last month. The BSP accused Banco Filipino of violating banking laws, while the thrift bank accused central bank officials of committing graft practices. Last March, the Monetary Board â BSPâs policy-making body â ordered Banco Filipinoâs closure and placement under the receivership of Philippine Deposit Insurance Corp. The central bank said the Aguirre-owned bankâs liabilities topped its assets by P8.4 billion. The BSP then ordered that assistance be immediately given to Banco Filipinoâs 177,652 depositors. The Monetary Board also took note that Banco Filipinoâs management and board of directors failed to restore its financial health and viability after having been given more than ample time to address its problems. Banco Filipino stockholders are still trying to ask the Court of Appeals to stop the implementation of the Monetary Boardâs closure order. BSPâs complaints In five separate complaints, the BSP on Friday filed a string of charges against the Aguirre-owned thrift bank. These include:
- Willful refusal to file audited financial statements for 2002 to 2007;
- Falsification and issuance of false statements to hide the true financial condition of the bank;
- Willful refusal to report directors, officers, stockholders, and other related interest or DOSRI loans;
- Willful refusal to comply with numerous BSP laws and directives; and
- Willful refusal to cease the condcut of unsafe, hazardous, and unsound bank practices.
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