Ex-Tidcorp execs cleared of P1.8 billion graft rap

MANILA, Philippines —  The Sandiganbayan has acquitted two former officials of the state firm Trade Investment Development Corp. (Tidcorp) of a graft case stemming from the grant of a P1.8-billion loan to an allegedly unqualified private company in 2003.

In a 106-page decision promulgated on Dec. 10, the court’s Sixth Division acquitted former Tidcorp executive vice president Rolando Alonzo and former account officer Teresita Cometa of violation of Section 3 (e) of Republic Act 3019 or the Anti-Graft and Corrupt Practices Act.

Also acquitted of the same case were private respondents Renato Ang and Alison Sy, officers and stockholders of World Granary Inc. (WGI).

“After a judicious assessment of the testimonial and documentary evidence on record, the Court finds, and so holds, that the evidence of guilt against all the accused fails to measure up to the requirement of proof beyond reasonable doubt,” the decision, penned by Associate Justice Kevin Narce Vivero, read.

Associate Justices Sarah Jane Fernandez and Karl Miranda concurred with the ruling.

The court said the Office of the Ombudsman’s prosecution panel also failed to establish the conspiracy among the accused. Thus, Ang and Sy were also entitled to acquittal just like the private respondents, Alonzo and Cometa.

“Taken together, the prosecution failed to establish beyond reasonable doubt that accused Alonzo and Cometa, public officers of TIDCORP, conspired with accused Alison A. Sy and Renato C. Ang, incorporators of WGI. By the same token, accused Alison A. Sy and Renato C. Ang are not guilty of the offense charged,” the court’s decision read.

Tidcorp (now Philippine Export-Import Credit Agency or PhilEXIM) is a government financial institution mandated to help spur trade by granting loans and insurances to qualified and accredited local companies.

Filed by the ombudsman in 2015, the graft case stemmed from Tidcorp’s grant of a P1.8-billion loan to WGI for a supposed Grains Terminal Project.

The ombudsman said Alonzo and Cometa conspired in endorsing to the Tidcorp’s credit committee and board of directors the loan guarantee application of WGI despite allegedly knowing the private company has no capability to pay and to carry out the project.