RCBC treasurer steps down amid $81-M heist

MANILA, Philippines — The treasurer and external vice president of the Yuchengco-led Rizal Commercial Banking Corp. (RCBC) resigned from his post amid the alleged money laundering activities involving $81 million coursed through the bank.

RCBC Treasurer Raul Victor Tan, always present to represent the bank at the Senate blue ribbon committee inquiry into the money laundering scam, tendered his resignation effective April 20, Wednesday. He had been with the RCBC for seven years.

Head of the legal and regulatory affairs of RCBC Maria Cecilia "Macel" Fernandez-Estavillo said Tan tendered his resignation out of decency. Under Tan's responsibility was dismissed RCBC branch manager Maia Deguito, who allegedly facilitated the transfer of the $81 million that went through the country's financial system, including local casinos.

RCBC earlier cleared Tan for any involvement in the alleged money laundering scandal. In a letter to the Philippine Stock Exhange, the bank's Senior Vice President Ma. Christian Alvarez praised Tan for his hand in growing treasury trading revenues "to historic highs, which peaked at over P6 billion in 2012."

"As head of the retail banking group, low-cost deposits of the retail bank grew at an average of 24 percent per annum, booked consumer loan referrals moved up by 35 percent per year. and bancassurance sales reached P1.2 billion in 2015," Alvarez said.

A radio report said, meanwhile, that one of the members of the Senate blue ribbon committee, Sen. Aquilino "Koko" Pimentel, said no one is still off the hook from the case despite resignation and leaves. He refused to comment on Tan's resignation.

RCBC President Lorenzo Tan, not related to Raul, earlier filed a leave of absence during the course of the investigation into the money laundering scam.