DFA secretary Perfecto Yasay Jr. is accused of violating Republic Acts 8791 and 7653, the General Banking Law and the New Central Bank Act, for his alleged involvement in an anomalous loan issued by the defunct Banco Filipino Savings and Mortgages Bank.
Ex-DFA chief arrested
Rey Galupo (The Philippine Star) - August 23, 2019 - 12:00am

MANILA, Philippines — Former Department of Foreign Affairs (DFA) secretary Perfecto Yasay Jr. was arrested yesterday after a Manila court issued a warrant for his arrest for allegedly violating banking laws.

Reports from the Manila Police District said Yasay’s arrest was ordered by Judge Danilo Leyva of the Regional Trial Court Branch 10.

Yasay is accused of violating Republic Acts 8791 and 7653, the General Banking Law and the New Central Bank Act, for his alleged involvement in an anomalous loan issued by the defunct Banco Filipino Savings and Mortgages Bank.

The P350-million loan was granted to a company of the bank owners while the bank was having financial problems. It shut down in 2011.

The former government official posted on Facebook photos of himself posing for a mugshot and in his detention cell.

“To all my friends, allow me to inform you that I am now being arrested from my house by police officers of Manila on the basis of a warrant of arrest issued by the RTC of Manila Branch 10 for criminal charges that were allegedly committed by officials of Banco Filipino from 2003 to 2006, clearly appearing on the face of the information filed by the prosecutor, when in truth and in fact I joined the bank only in 2009,” Yasay posted on Facebook.

He said he will not post bail until he faces the judge, whom he “will question... (over) this abuse of process and travesty of justice.”

Yasay served as Securities and Exchange Commission chief during the time of former president Fidel Ramos and ran for vice president in 2010.

He testified against then president Joseph Estrada. He later apologized for “hurting and offending” Estrada, but clarified that it was not a retraction of his testimony on the deposed president’s “abuse of authority and corruption.”

Yasay served as the first DFA secretary under President Duterte but was rejected by the Commission on Appointments in 2017.

GENERAL BANKING LAW NEW CENTRAL BANK ACT PERFECTO YASAY JR.
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