P-Noy wants inconsistencies in DBP report clarified

MANILA, Philippines - President Aquino wants a detailed report on the circumstances that led to the apparent suicide of Development Bank of the Philippines (DBP) executive Benjamin Pinpin.

Aquino yesterday said Finance Secretary Cesar Purisima gave him a “verbal report,” but stressed he wanted a “written and more extensive report” to clarify several issues on what could have driven Pinpin to commit suicide.

Aquino noted several “inconsistencies” in the report concerning the suicide of Pinpin.

Pinpin, who was found dead in a budget hotel in Las Piñas last week, was one of the bank executives given a show-cause order by the new DBP board investigating alleged anomalies entered into by the previous board.

Pinpin supposedly cited this problem at the DBP as the reason for his suicide in a note left to his family.

“He (Purisima) briefed me on the deals that are under question, why they are under question and the process that the board is undertaking to unearth what actually happened,” Aquino said.

“We will have to know. I really have to find out because the description was the guy, the lawyer (Pinpin), who unfortunately seems to have committed suicide, was one of the initial witnesses, if not the prime witnesses to what actually transpired,” he said.

Aquino earlier tasked Purisima to review the investigation processes of the new DBP board to determine whether they had been “overzealous” in their efforts to uncover the anomalies in the bank.

“So one would wonder, if it were myself, if you’re feeling guilty because you assume that something wrong transpired, you would feel better once you revealed what you knew. That’s not what happened, so there’s an inconsistency. I want to find out why there is an inconsistency,” Aquino said.

Aquino said Pinpin could have been a potential witness on behest loans contracted by the previous administration.

The DPB is reportedly looking into the P500-million loan extended to Marcos regime trade minister Roberto Ongpin, who used the money to increase his shares in a mining company.

Ongpin reportedly later turned around and sold the shares for a huge profit, enabling him to repay the loan before its maturity.

DBP investigators were supposedly trying to determine if Ongpin’s friend, Jose Miguel Arroyo, former President Gloria Macapagal-Arroyo’s husband, had anything to do with the loan.

The former trade minister has admitted that Arroyo is an old friend but denied fronting for him in his investments.

Ongpin and other former DBP officials are now facing graft and other charges before the Office of the Ombudsman.