The Daily Manila Shimbun


Manila court orders arrest of Yasay for banking case

August 22, 2019

Former Foreign Affairs Secretary Perfecto Yasay Jr was arrested by the Manila Police District Thursday afternoon for his alleged involvement in an anomalous loan when he was an official of Banco Filipino.

An MPD report said Yasay was arrested around 3 pm in his residence in Makati City after a lawyer from the Bangko Sentral ng Pilipinas requested for police assistance to implement the warrant of arrest against him.

According to the order of arrest dated March 8, 2019 issued at Regional Trial Court Branch 10 of Manila City, Yasay is facing complaints for several violations of the provisions of Republic Act 8791, the General Banking Law and Republic Act 7653 also known as the New Central Bank Act.

Based on records, while he was the director of Banco Filipino, Yasay and five associates conspired in securing a P350,000,000 loan accomodation from the bank for Tierrasud Inc. partly guaranteed and secured by a real properties owned by Tropical Land Corp, sometime between 2001 to 2009.

When the load was granted, all accused failed to report such loan accommodation to the BSP.

Despite communications addressed to all accused instructing them to correct this,  they failed to do so which prompted the central bank to take action.

In a Facebook post, Yasay claimed the allegations were committed from 2003 to 2006.

“Clearly appearing on the face of the information filed by the prosecutor, when in truth and in fact I joined the Bank only in 2009,” he said.

He added he will not post bail until he is brought to court.

“I am not posting bail until I am brought before the judge where I will question this abuse of process and travesty of justice,” said Yasay.

Yasay will be transferred to the Chief of the Directorial Staff (CDS) while awaiting a commitment order from Branch 10 of the Manila Regional Trial Court. Ella Dionisio/DMS