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
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,"