SC rejects appeal to prosecute ex-DBP officials over Marcos-era loans
MANILA, Philippines – The Supreme Court (SC) rejected the request of the Presidential Commission on Good Government (PCGG) to prosecute former Development Bank of the Philippines (DBP) officials over multimillion-peso loans under the late dictator Ferdinand Marcos.
In a 22-page decision, the High Court's 3rd Division affirmed a 2008 decision of the Office of the Ombudsman which dismissed the graft complaint against former DBP officials as well as executives of Pioneer Glass Manufacturing Corporation.
The PCGG, in its initial complaint, had said there was "undue and underserved accommodation" given to Pioneer Glass and that the loans were "grossly disadvantageous" to the government.
The Ombudsman, however, said there was nothing anomalous with the loans granted by the DBP to Pioneer Glass. It added that there were properties listed as collateral and that the central bank already audited the transactions.
The SC, in its decision penned by Associate Justice Marvic Leonen, agreed with the Ombudsman.
"The records corroborate the assertions of respondent bank officials and support the findings of public respondent that the release of loans to Pioneer Glass was preceded by a careful study and evaluation of the loan application," the Court said.
"Clearly, the loans were suitably secured when they were taken out," it added. – Rappler.com