(Eagle News)–Former Foreign Affairs Secretary Perfecto Yasay Jr. on Tuesday, Aug. 27, denied any wrongdoing in what prosecutors said was Banco Filipino Savings & Mortgage Bank’s failure to report P350 million in loans to Tierrasud Inc. between 2001 to 2009.
In an interview over ANC, Yasay said he was “just” a director of the now-defunct bank and was only “tasked and hired to sit down with high officials of the (Bangko Sentral ng Pilipinas) to negotiate with them as directed by (the Supreme Court in pursuing the rehabilitation plan.”
Yasay, however, defended Banco Filipino’s decision not to report the loan.
According to Yasay, the bank was “the most regulated bank in the country.”
He said a “controller” had been assigned from the Monetary Board since day 1 of the bank’s operation.
“Everything was monitored by the controller. They attended every management meeting where this was taken up, every executive committee meeting that this was taken up, every board meeting that this taken up,” he said.
Yasay was arrested in his house in Makati last week for alleged violation of banking laws and the New Central Bank Act.
Also ordered arrested by a Manila court were five other officials of the bank.
Yasay has posted a P240,000 bail for his temporary liberty.
In 2016, Yasay was appointed foreign affairs secretary by President Rodrigo Duterte but his appointment was rejected by the Commission on Appointments which ruled he had lied about his citizenship.
