MANILA, Philippines - President Aquino said Wednesday he was concerned about court decisions over cases involving the board of directors of state pension fund GSIS and thrift bank Banco Filipino Savings and Mortgage Bank.
The Pasig Regional Trial Court earlier issued arrest warrants against members of the Government Service Insurance System (GSIS) board of trustees for indirect contempt in relation to a land settlement case. The Court of Appeals (CA) has overturned this order.
On the other hand, the CA has asked the Bangko Sentral ng Pilipinas (BSP) to explain its decision to close and place Banco Filipino under receivership. Banco Filipino has reportedly been unable to service withdrawals and fund checks since last month.
"Meron hong judge diumano na nagpapakulong at nagpaaresto sa buong board of directors ng GSIS at nilagay pa daw po na hindi pwedeng piyansahan. Ang naalala ko po kasi may mga krimen na non-bailable nadamay po ito. Matanong ko lang po sa inyo, paano kaya ang kumpyansa sa atin kung bigla na lang yung GSIS ay nawalan ng board of directors at hindi natin matugunan ang pangangailangan ng lahat ng miyembro ng pension na 'to kasama na po tayo dyan," Aquino said.
Aquino was also worried that the central bank could not "perform its regulatory functions" over Banco Filipino because the latter's owners and officers always go to the court to seek refuge.
"Meron pong reklamo ang Bangko Sentral, nabigyan sila ng injunction... hindi nila ma-perform 'yung kanilang regulatory functions over Banco Filipino," the President said.
The BSP alleged in a 170-report to the CA that Banco Filipino was operating a "Ponzi" scheme, using new deposits to pay for old ones. The thrift bank was also offering unreasonably high interest rates on special products, and its officers were receiving more than what the bank was earning, the central bank added.
"Paano ho kung totoo na yung tinatawag na Ponzi scheme ang nangyari dyan? Ang basic facts ho, double-digit ang interest rates na pinamimigay nila, 'yung ibang miyembro ho ng industriya single-digit. Mas mataas ang pagkuha nila ng pondo, paano nila mababayaran 'yung interes nito?"
"Pero since 2008, ang pagkakaintindi ko, reklamo ng BSP ay hindi ho sila pinahintulutan na pangasiwaan, ayon po sa batas, ang kilos ng Banco Filipino. Paano naman po ang ating banking system kung parati na lang pong pababayaan ang mali, bahala ang PDIC maghanap ng paraan bayaran 'yung mga nag-deposit dito?" Aquino lamented.
The President urged the courts to help the government in its reforms.
"So babalik po ako, lahat ng kilos po natin, hindi natin maituturing na kumbaga sa lupain ay isla, walang nadadamay. Lahat po dito, damay-damay tayo," Aquino said. - Report from Willard Cheng, ABS-CBN News
