In a statement, Tan announced that his bank, Allied Bank, was willing to encash all PBCom checks as a show of support for the bank which is partly owned by Enrique Luy.
Tan said Allied Bank was "willing to encash all legitimate checks and other financial transactions of PBCom" as an expression of his "continuing trust and confidence" in the bank.
Banking sources said Tan also deposited P1 billion into PBCom as part of his assistance although monetary officials ruled out the possibility that Tan might buy into the bank.
"Mr. Tan needs PBCom like he needs a hole in the head," said a source from the Monetary Board who spoke on condition of anonymity. "He already has the Philippine National Bank to think about."
According to the source, Tan was helping PBCom purely on a personal interest since the Luys were his in-laws. "In this respect, he really is just helping," said the source, adding that the Bangko Sentral ng Pilipinas (BSP) was in no way involved in Tan’s plan.
According to another government official, PBCom was never in trouble except for the in-fighting at the board of directors that led to leaks in various newspapers (not The STAR) reporting that the bank was being urged to seek assistance from the BSP.
The official revealed that although PBCom’s non-performing loans were high, it was not one of the banks being monitored for "possible risks".
Tan’s support to PBCom was followed by a statement from the Filipino Chinese Chamber of Commerce and Industry that it was in full support of the bank.
A statement said that Tan, together with stockholders Carlos Chung of La Suerte, Luy of Interco and Ralph Nubla who is vice chairman of PBCom were giving the bank their "full financial backing".
All of them, the statement said, were willing to infuse more capital into the bank if necessary.