FORMER officials and employees of the Development Bank of the Philippines (DBP) are asking the Supreme Court to compel the bank to release their early retirement incentive benefits.
The 140 petitioners want the court to order the DBP board of directors Jose Nunez, Gil Buenaventura, Juan Kevin Belmonte, Daniel Laogan, Alberto Lim, Cecilio Lorenzo and Jose Luis Vera, to release their benefits immediately.
The petitioners took advantage of the bank’s Early Retirement Incentive Program (ERIP) in December 30, 2012. The Commission on Audit (COA), however, suspended the program from 2003 to 2008 and ordered bank retirees to refund more than P747 million in benefits they had received.
The bank argued that the DBP board has the authority to fix compensation, including adoption of the early retirement program, among others.
DBP officials and employees objected to the grounds cited in the COA notice stressing, among others, their rights to the benefits.