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MANILA - The Land Bank of the Philippines (Land Bank) has assured the public it will not tolerate fraudulent practices, as it launched an investigation on the alleged illegal profiteering of some bank insiders who act as "go-betweens" or "agents" in loan applications. The government-owned bank made the statement in response to House Resolution 2543 filed by ACT CIS party-list Rep. Rowena Nina Taduran seeking a congressional inquiry into the loan scheme where these agents promise the fast approval of a loan in exchange for a cut of 10 percent in the loan proceeds. "The Land Bank of the Philippines is conducting an investigation on the alleged loan scheme raised by the president of the American Boulevard Trading Corporation (American Boulevard)," Land Bank said in a statement on Wednesday. In her resolution, Taduran cited the case of American Boulevard president Alberto Ching who applied for an initial loan of PHP50 million. She said a significant part of th

Rowena nina taduranAlberto chingPhilippines land bankLand bankHouse resolutionAmerican boulevard trading corporationAmerican boulevardManila the land bank of philippines has assured public it will not tolerate fraudulent practicesS it launched an investigation on the alleged illegal profiteering of some bank insiders who act as quot go betweens or agents in loan applications government owned made statement response to house resolution 2543 filed by cis party list rep rowena nina taduran seekinga congressional inquiry into scheme where these promise fast approval ofa exchange fora cut 10 percent proceeds land philippines is conducting raised president american boulevard trading corporationUot land bank said ina statement on wednesday in her resolutionAduran cited the case of american boulevard president alberto ching who applied for an initial loan php50 million she saida significant part said amount was not released to despite receipt by lbp insiders their 10 percent cut land bankFor its partAid it implements stringent vetting processes in granting and implementing loansAsed on its existing policies and all other pertinent banking rules regulations it further noted that high ethical standards are maintained in the workplaceEnce any violation by its employees would be taken quot very seriously the bank assures public that it will not tolerate fraudulent practices opposite to brand of service for over 58 yearsNchored on integrity