Erap witness admits Jose Velarde account had P2.1B in deposits

A former bank executive testifying for ousted President Joseph Estrada yesterday told the Sandiganbayan special division that the "Jose Velarde" account — which the government insists belongs to Estrada — once contained as much as P2.1 billion.

During cross-examination by Special Prosecutor Dennis Villa Ignacio, Beatriz Bagsit, former PCI Equitable Bank first vice president, said: "Based on my computation, the savings account under the credit column alone reached P2.168 billion."

Villa Ignacio told reporters later their job of prosecuting Estrada was "almost finished" since plunder involves the accumulation of at least P50 million.

Considering that P50 million is the threshold for plunder, "two billion pesos is more than enough," he said. "By their own witness, she computed that it reached P2 billion."

Villa Ignacio said Bagsit — the 31st defense witness — was the "launderer" of the "Jose Velarde" account, having supervised its transactions in Binondo in Manila and Quezon City, when she was assigned in Makati City.

"She acknowledged the April 2000 letter she furnished to Edward Serapio (Estrada’s former lawyer and co-accused) that enumerated the six checks, all payable to cash, and deposited on a staggered basis to the Erap Muslim Youth Foundation," he said.

"If the money was legitimate, it should have been given directly to the Erap Muslim Youth Foundation. Why do you have to deposit it first in a secret account, which only Bagsit knows? That is very suspicious and questionable. That’s money laundering."

During the cross-examination, Bagsit said she received P200 million in six checks — broken down into P3 million, P11 million, P77 million, P11 million, P91 million and P7 million — all deposited to Estrada’s foundation for the Muslim youth.

"Yes, I complied with the letter," she said when asked whether the P200 million was deposited to the foundation through Serapio, who was its corporate secretary.

Bagsit also said she did not refer to Jaime Dichaves as the owner of the "Jose Velarde" account when she submitted a sworn statement to retired Ombudsman Aniano Desierto in March 2001.

Villa Ignacio showed the special division justices a copy of Bagsit’s affidavit, which was later marked as evidence.

Yesterday, Bagsit told the court she met Dichaves "on an occasional basis" or "just twice." The first time was in February 2000. Earlier, Bagsit testified that Dichaves, an associate of Estrada, was the owner of the "Jose Velarde" account.