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2 more banks bare P15.7-M Garcia assets to court


TWO more banks have submitted their report to the Court of Appeals on Maj. Gen. Carlos F. Garcia’s assets, which were ordered frozen by the court during the investigation of his unexplained wealth.

The two banks—the Armed Forces and Police Savings and Loan Association Inc. (AFPSLAI) and the Land Bank of the Philippines—reported a total of some P15.7 million in accounts under the name of Garcia and members of his family, and an undetermined dollar accounts.

The two-page manifestation and compliance report that AFPSLAI submitted to the appellate court through its counsel, Eleuterio Reyes, shows that Garcia, his wife Clarita and children Ian Carl, Juan Paolo and Timothy Mark have 10 accounts with the bank worth P4.73 million. The biggest account in the AFPSLAI is under the name of Timothy Mark with an amount of P4.4 million.

AFPSLAI assured the appellate court that the bank accounts of the Garcia family have been on hold since October 14, 2004, the very day the court ordered the freezing of all the bank accounts and eight vehicles of Garcia.

In a separate document submitted by the LandBank to Associate Justice Marina Buzon, who wrote the court’s resolution, seven bank accounts of the Garcias were reported to be frozen since October 15, the day the bank received the appellate court’s resolution.

Of the Garcia assets with the LandBank, two are peso accounts worth P4.97 million and P1.66 million. Both are under the name of Carlos F. Garcia. The five other accounts, all in the name of the Garcia family, are in dollars.

Solicitor General Alfredo Benipayo had said that only P52.51 million were frozen by the appellate court on October 14, 2004, from only five banks—broken down into 728,066.32 in dollar deposits and 11.43 million in peso deposits.

The Manila Times obtained copies of documents showing that Garcia was able to close 39 bank accounts in Allied Banking Corp. and United Coconut Planters Bank before the appellate court’s order reached the banks.

Benipayo told The Times that the total peso and dollar bank deposits of the Garcia family under investigation is worth P185.53 million.

It was found that Garcia’s net worth in 2003 based on his Statement of Assets and Liabilities was only P1.25 million, far less than the P185.53 million that he and his family reportedly transacted from 2003 and 2004. The figures indicate a big discrepancy.

The freeze order covered the bank accounts of the Garcia family in the Land Bank of the Philippines in Greenhills and Camp Aguinaldo branches, Allied Banking Corp., AFP Savings and Loan Association, Banco de Oro, Universal Bank, Bank of the Philippine Islands, United Coconut Planters Bank and Planters Development Bank.

His eight vehicles and his three real properties in the United States were also ordered frozen.


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