PCGG closes accounts with Luzon Dev’t Bank

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.