Ongpin attends probe over 'behest' loans

MANILA, Philippine – Former trade minister Roberto Ongpin faced the Senate trial today in relation to the P660 million alleged behest loans granted by the Development Bank of the Philippines (DBP) to his firm, Delta Venture Resources Inc. (DVRI), in 2009.

In his opening statement, Ongpin said there was nothing wrong in the loans as those were fully collateralized and paid before their respective maturities.

He said the loans were totally regular and “caused no injury unlike so many other loans made by DBP.”

He also admitted that he is a longtime friend of former First Gentleman Mike Arroyo, but noted that he is not Arroyo's crony.

“I do not need him to ask for behest loan in my behalf. I simply do not need a behestor in order to make a deal,” he said, while dubbing the allegations of insider trading against him as "preposterous".

He also asked the Senate Blue Ribbon committee to give him a “fair play” in hearing the issue, while adding that his lawyers advised him to remain silent on the case as a complaint has already been filed at the Office of the Omdubsman.

The business tycoon also cited that he has nothing to do with the $90 million loan to buy the MRT securities, saying he did not own the companies involved in the transactions.

As of this posting, the Senate hearing on the issue is ongoing.