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ACT CIS party-list Rep. Rowena Nina Taduran. (File photo) MANILA A party-list lawmaker is seeking a congressional inquiry into the alleged illegal profiteering of some insiders of the Land Bank of the Philippines (LBP) who act as "go-betweens" or "agents" in loan applications. ACT CIS party-list Rep. Rowena Nina Taduran filed on March 30 House Resolution No. 2543, to conduct an investigation, in aid of legislation, into this scheme where these agents promise the fast-approval of a loan in exchange for a cut of 10 percent in the loan proceeds. Taduran said it is urgent for the House to look into this matter given the magnitude of the loan amounts involved, the involvement of a government-owned financial institution, and the possible effect it could have to erode the public's trust in the banking system. "Congress is duty-bound to protect the borrowing public as well as the entire banking system from nefarious practices of unscrupulous bank personnel,"

Rowena nina taduranAlberto chingLand bankAmerican boulevard president alberto chingAmerican boulevardAct cis party list rep rowena nina taduran file photo manilaa lawmaker is seekinga congressional inquiry into the alleged illegal profiteering of some insiders land bank philippines lbp who as quot go betweens or agents in loan applications filed on march 30 house resolution no 2543O conduct an investigationN aid of legislationNto this scheme where these agents promise the fast approval ofa loan in exchange fora cut of 10 percent proceeds taduran said it is urgent for house to look into matter given magnitude amounts involvedHe involvement ofa government owned financial institutionNd the possible effect it could have to erode public 39s trust in banking system quot congress is duty bound protect borrowing as well entire from nefarious practices of unscrupulous bank personnelUot she said taduran cited the case of american boulevard president alberto ching who applied for an initial loan php50 million thata significant part amount was not released to despite receipt by lbp insiders their 10 percent cut quot borrower given all sorts excuses and coaxed 39 agents apply another stillHe release of the loan proceeds was delayed and incompleteUot taduran said in the resolution she ching 39s firm defaulted on its payments to suppliers and other creditorsHich eventually led to the closure of business and loss livelihood its employees taduran wrotea letter ask lbp management look into ching 39s case accordingHe bank conducted an internal investigation and terminated the involved employees