Palace: No order to persecute Ongpin

MANILA, Philippines - Malacañang yesterday denied that it is persecuting businessman Roberto Ongpin, who is accused of benefiting from a P660-million behest loan granted by a state-owned bank.

Presidential spokesman Edwin Lacierda said Ongpin should not drag Malacañang into the issue since the transactions were closed by the Development Bank of the Philippines (DBP).

“There is no directive to persecute Mr. Bobby Ongpin. Again, the case is simple. Was there a behest loan? Did the loan application followed the normal process or did someone influential order the DBP officials for the loan (to) be granted?” Lacierda said in a press briefing.

Lacierda said Ongpin should just focus on his defense instead of eliciting sympathy or issuing media statements.

Lacierda said the DBP has enough documents showing that a behest loan has been granted.

“The best evidence are in the documents themselves and DBP believes that we have sufficient evidence to prove that there is a behest loan,” he said.

Current DBP officials have filed complaints against Ongpin and former officials of the bank for their supposed participation in the release of P660 million in behest loans to a company owned by the businessman.

Ongpin, who served as trade minister during the Marcos regime, has claimed that the loans secured by his firm Delta Venture Resources Inc. (DVRI), were aboveboard.

DBP officials said DVRI used the loan to acquire shares of stocks of Philex Mining for P12.75 per share, which were sold a month later to Two Rivers Pacific Holdings Corp. for P21 per share.

They claimed that the deal violated the Anti-Graft and Corrupt Practices Act, existing banking policies, and DBP rules and regulations.

Previous reports said Malacañang has declassified the banking information relevant to the alleged behest loans granted by DBP in 2009.

Malacañang also ordered the disclosure of details of individual accounts or specific transactions of the DBP with Global Air Services, Inc., Metrorail Transit Corp., installment sale of the shares of the Manila Electric Co. and investments in Lehman Brothers Holdings Inc.

Ongpin’s lawyer Alex Poblador said the move proves that the allegations against his client are politically motivated.