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LandBank probes insiders' alleged illegal loan scheme

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 Taduran , Alberto Ching , Philippines Land Bank , Land Bank , House Resolution , American Boulevard Trading Corporation , American Boulevard , Manila The Land Bank Of Philippines Has Assured Public It Will Not Tolerate Fraudulent Practices , S 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 Corporation , Uot Land Bank Said Ina Statement On Wednesday In Her Resolution , Aduran 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 Bank , For Its Part , Aid It Implements Stringent Vetting Processes In Granting And Implementing Loans , Ased On Its Existing Policies And All Other Pertinent Banking Rules Regulations It Further Noted That High Ethical Standards Are Maintained In The Workplace , Ence 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 Years , Nchored On Integrity , Nd Accountability , Uot It Said Taduran Ching 39s Firm Defaulted On Its Payments To Suppliers And Other Creditors , Hich Eventually Led To The Closure Of Business And Loss Livelihood Its Employees Lawmaker Wrotea Letter Ask Lbp Management Look Into Ching 39s Case Bank , Aduran Said , Onducted An Internal Investigation And Terminated The Involved Employees , Nd Filed Cases Against Them However , Bp Did Not Offer Any Redress To American Boulevard For The Quot Irreparable Damage Caused It , He Noted She Also Cited 30 Other Borrowers Who Were Victimized By This Loan Scheme Of These Lbp Insiders , Ith Loans Amounting To Less Than Php100 Million And Even More The Said Amount Quot Considering Huge Amounts Of , T Is Highly Improbable That Low Ranked Lbp Employees Acted Without The Cooperation Approval Of 39 Higher Ups ,

House probe sought on 10%-cut loan scheme in LBP

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 Taduran , Alberto Ching , Land Bank , American Boulevard President Alberto Ching , American Boulevard , Act 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 2543 , O Conduct An Investigation , N Aid Of Legislation , Nto 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 Involved , He Involvement Ofa Government Owned Financial Institution , Nd 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 Personnel , Uot 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 Still , He Release Of The Loan Proceeds Was Delayed And Incomplete , Uot Taduran Said In The Resolution She Ching 39s Firm Defaulted On Its Payments To Suppliers And Other Creditors , Hich Eventually Led To The Closure Of Business And Loss Livelihood Its Employees Taduran Wrotea Letter Ask Lbp Management Look Into Ching 39s Case According , He Bank Conducted An Internal Investigation And Terminated The Involved Employees , Nd Filed Cases Against Them However , Bp Did Not Offer Any Redress To American Boulevard For The Quot Irreparable Damage Caused It , He Noted She Also Cited 30 Other Borrowers Who Were Victimized By This Loan Scheme Of These Lbp Insiders , Ith Loans Amounting To Less Than Php100 Million And Even More The Said Amount Pna Quot Considering Huge Amounts Of , T Is Highly Improbable That Low Ranked Lbp Employees Acted Without The Cooperation Approval Of 39 Higher Ups , Uot She Said Pna ,