Govt has strong case vs Ongpin, ex-DBP officials

abs-cbnNEWS.com Posted at 08/21/2011 7:49 PM | Updated as of 08/21/2011 7:49 PM

MANILA, Philippines - Solicitor General Jose Anselmo Cadiz believes the government has a strong case against businessman Roberto Ongpin and former members of the Development Bank of the Philippines involved in the allegedly irregular loan transaction worth P660 million. Cadiz told reporters over the weekend, based on available documents, we have a strong case to hold them liable for violation of banking laws and the Anti-graft and Corrupt Practices Act.

Cadiz is the lead counsel in the DBP case filed before the Office of the Ombudsman. He will work closely with lawyers Zenaida Ongkiko-Acorda and Jose Manuel Diokno. He said the loans granted to Ongpin could be called character loans. He also said the borrower should not have qualified by any stretch of imagination.

"We cannot allow that, otherwise rules will be violated on a mere promise that a loan will be paid. They should not have given loans based on speculation. The amount involved is really shocking. We are talking of more than half a billion pesos here," he stressed.

The criminal complaint versus Ongpin et al was filed on August 5 before the Office of the Ombudsman. Ongpins Delta Ventures Resources Inc. (DVRI) took out two loans totaling P660 million from DBP in 2009.

Ongpin later bought 50 million shares of Philex Mining Co. from DBP for P637.5 million or P12.75 per share. Less than a month later, he sold them for P21 a share to Philex Chairman Manuel Pangilinan.

The current DBP board claimed the bank could have made P42.4 million more if it had sold the stake directly instead of to Ongpin. The finding of the DBP that DVRI obtained behest loans has basis in fact and law: DVRI was under-collateralized and undercapitalized; Ongpin [is known to be close] to the Arroyo administration; and DBP approved the loan in an extraordinary speed, Cadiz said.

He also noted the private firm did not comply with basic borrowing requirements mandated by banking laws and DBPs Rules.

In fact, it is surprising that the DBPs Board even waived the evaluation of Delta Ventures financial capacity to repay the loan, which is a basic precondition to the approval of loans, he said.

Witch hunt

Ongpin earlier said the investigation was a witch hunt. He had said he would be filing counter-suits against the current leaders of the DBP. Why [DBP Chairman Jose Nuez Jr.] keeps trying to make these loans appear to be irregular and behest is simply beyond my comprehension, Ongpin had said.

The Solicitor General said the investigations are within the zero-tolerance policy of Malacanang.

"These are diversionary tactics which do not confront the issue frontally. It cannot be called a witch-hunt because clearly something wrong has been done and we are merely correcting it since documents show that the DBP and Ongpin violated the law," Cadiz stressed.

"If we do not do anything for fear that we will be accused of persecution then we will have no functioning justice system," he added.

PH: No done deal yet on peace pact with MILF

abs-cbnNEWS.com Posted at 08/21/2011 8:44 PM | Updated as of 08/21/2011 8:44 PM

Leonen says rogue rebel a cause of concern

MANILA, Philippines - The government (GPH) maintains there is no done deal yet on the peace pact with the Moro Islamic Liberation Front (MILF). Contrary to claims of critics, the GPH panel is not going to Malaysia to sign a peace agreement. We have learned from the lessons of the past and we will not repeat the same mistakes. I would like to emphasize that there is no done deal, GPH Peace Panel Chair Marvic Leonen said. The 2 sides will meet anew for the 3-day negotiations in Kuala Lumpur, Malaysia starting Monday. He said the government is set to submit its proposal to bring peace in Mindanao.

This proposal is the position of the government, guided solely by national interest and based on our consultations with the different stakeholders in the Mindanao peace process, he said. This in turn, will be reviewed by the MILF. The next step is for both panels, in the spirit of transparency and inclusivity, to consult with the stakeholders so we can forge a peace agreement, as nothing yet is final, Leonen added. Stakeholders, especially those in the strife-torn Mindanao, are closely monitoring the peace process. President Benigno Aquino III recently met with MILF Chairman Al Haj Murad Ebrahim, which they deem was a step closer to lasting peace in Mindanao. Meanwhile, Leonen stressed that the government is seriously concerned with the developments regarding Ustadz Ameril Umbra Kato, who created a guerilla unit separate from the MILF. The GPH Peace Panel is viewing with serious concern the developments regarding Umbra Kato and the Bangsamoro Islamic Freedom Fighters (BIFF). We will be seeking clarification on the status of Kato and the BIFF from our counterparts in the MILF, he said. Presidential Adviser on Peace Process Teresita Deles said the government will press the MILF to go after the rogue rebel.

James Yap not yet ready to love again

abs-cbnNEWS.com Posted at 08/21/2011 8:16 PM | Updated as of 08/21/2011 8:16 PM MANILA, Philippines - Following his failed marriage to Queen of All Media Kris Aquino, star cager James Yap said she is not yet ready to enter into a new relationship. In a taped interview aired on "The Buzz" on Sunday, Yap said he wants to focus more on his basketball career. "Focus muna ako sa career ko, siyempre. And 'yun lang muna," he said. Yap added that he will not hide his future relationships from the public.

"Kaya nga pag sinasabi ko lagi na, let's say nililigawan o ano, may girlfriend, sasabihin ko para wala nang chismis-chismis pa," he said. Yap has been romantically linked to Japanese-American acoustic singer Marie Digby, model-actress Isabel Oli and Korean TV personality Grace Lee. Asked who makes him happy at the moment, the basketball star said, "Anak ko, si Baby James." Baby James is Yap's son with Aquino, his estranged wife