Lacson wants behest loans given by govt banks probed

Senator Panfilo Lacson has filed a resolution requiring the Senate blue ribbon committee to look into the alleged anomalous transactions with government banks during previous administrations. Senate Resolution No. 553 seeks to look into alleged behest loans and other similar transactions with government banks and institutions which were done under a "cloak of confidentiality." The measure seeks to determine the which public officials are accountable and to amend the charters of government financial institutions for transparency and accountability. Lacson said he filed the resolution after it was revealed that Delta Ventures Resources Inc. was able to get two behest loans worth P660 million from the Development Bank of the Philippines (DBP) in just two days and despite having only P650,000 in paid up capital. The loan was used to buy shares of Philex Mining Corporation. He also cited Global Air Services Ltd. which managed to get a $90-million loan from the DBP and another $90 million from the Land Bank of the Philippines despite having a paid up capital of only $2. The loans were used to gain control of Metro Rail Transit Corporation. "In order to consolidate the stability of the banking industry and of government financial institutions, there is an urgent need to investigate further since it has been reported that there are other similar bigger financial anomalies," said Lacson. — VS, GMA News