PCGG closes accounts with Luzon Dev’t Bank

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THE Presidential Commission on Good Government (PCGG) on Friday said that it has closed down the accounts of some sequestered corporations with Luzon Development Bank (LDB), the bank where Commission on Elections (Comelec) Chairman Andres Bautista, a former PCGG chairman, reportedly deposited hundreds of millions of pesos.

“The savings, checking, and business savings account of the concerned sequestered and surrendered corporations with Luzon Development Bank (LDB), opened during the time of Chairman Bautista, were already ordered to be closed and transferred to their previous depository bank UCPB and to the Land Bank of the Philippines,” the PCGG said.

The PCGG issued the statement amid allegations that the commission has abused the resources of some sequestered corporations under its control and supervision. The issue came up after the National Bureau of Investigation (NBI) disclosed that some corporations under the PCGG have opened bank accounts with LDB during the time of Bautista.

The PCGG said it has discontinued practices considered “excessive and unnecessary” such as purchasing millions of pesos worth of gift checks and gift cards for distribution to its officers and the holding of board and stockholders’ meetings in luxurious hotels.


The commission has required all PCGG employees and consultants to submit accomplishment reports and were banned from issuing Special Power of Attorney to allow another person to claim their salaries.

The LDB was placed under scrutiny after Bautista’s estranged wife, Patricia, claimed that her husband had 35 bank accounts with LDB with a total balance of P329,220,962. These, she said, form part of his supposed P1-billion ill-gotten wealth.

The Comelec chairman has said that the accounts claimed by his estranged wife were either closed or fake.

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