• DBP execs charged with plunder

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    OFFICIALS of the Development Bank of the Philippines (DBP) were charged with plunder at the Office the Ombudsman in connection with the grant of P312.07 million in additional incentives to the bank’s top officials without the approval of President Benigno Aquino 3rd.

    Charged were DBP President Gil Buenaventura, Chairman of the DBP Board of Directors Jose Nuñez Jr. and board members Reynaldo Geronimo, Daniel Laogan, Lydia Echauz, Alberto Lim, Raul Serrano, Vaughn Montes and Cecilio Lorenzo.

    Two DBP employees — Mario Pagaragan Jr. and Francis Badilla Jr.—claimed that the DBP president and directors “illegally” disposed of the P312.07 million “by approving the recommendation of the DBP Management Committee [ManCom] and recommending to the Governance Commission for GOCCS [government-owned and -controlled corporations] (GCG)” the grant of the money.

    Likewise named respondents were members of the management committee — Fritzie Tangkia-Fabricante, Donna Shotwell, Ma. Teresa Jesudason, Ma. Teresa Atienza, Benel Lagua, Anthony Ro-bles, Perla Melanie Caraan, Rafael Danilo Ranil Reynante, Cris Cabalatungan, Susan Prado, Alexander Patricio, Dennis Decena, Marietta Fondevilla and Isidro Sobrecarey and GCG officials Cesar Villanue-va, Ma. Angela Ignacio, Rainier Butalid and Paolo Salvosa.

    The complaint said the ManCom issued a resolution in February 2015 recommending to the Board of Directors “the granting of excessive and unconscionable sum of money totaling P312,077,186.64.”

    On May 29, 2015, the GCG officials approved the recommendation.

    “Respondents GCG officials acted with grave abuse of authority and in excess of their authority in illegally and maliciously arrogating unto themselves the Presidential power and prerogative to grant additional incentives,” the complainants said.

    They said the respondents conspired to defraud the public and the government and thus, should be suspended.

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    1 Comment

    1. These DBP officials are just applying the “Tuwid na Daan” mantra of their idol, BS Aquino III. That straight path trodden by these millions of pesos to their pockets.