Bangko Sentral bailed out Equitable PCI Bank

It has become apparent that the Philippine central bank facilitated the countryƆs largest ever liquidity assistance for any bank at the height of the first-ever impeachment trial of an Asian leader.

In December, following the testimony of a senior vice president of Equitable PCI Bank during the impeachment trial of former President Joseph Estrada, that he used the alias Jose Velarde in maintaining billion-peso accounts with the bank, its customers, particularly wealthy Chinese individuals, began massive withdrawals from the bank.

At the time, George Go, chairman of the bank said the bank suffered only about Ps3 billion $62.5 million in withdrawals, but current estimates now reveal an amount almost 10 times larger. Go resigned days after the revelation of Estradas Equitable PCI Bank accounts.

Then Finance Secretary Jose Pardo announced that Bangko Sentral central bank was willing to provide liquidity assistance but Equitable PCI...

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