Congressmen hit Philippine central bank governor for Estrada withdrawals

After having the unenviable job of steering the monetary policy and the weakening peso during the impeachment trial of Estrada, Buenaventura faces another unenviable job of steering his own career.

Philippine central bank governor Rafael Buenaventura is taking hits from all sides. The former high school classmate of ousted President Joseph Estrada has a fixed term until July 2005, but clamor for his resignation is getting noisier.

When bank records revealed this week that Estrada withdrew Ps143 million $2.86 million on 24 April 2000 from UrbanBank just two days before the Monetary Board shut it down, congressmen accused Buenaventura of tipping off the former President. 

How Estrada amassed huge amounts that allegedly reached Ps1.3 billion $26 million in one savings account alone, among others, was the subject of his impeachment case.

Howls of incredible were heard when Buenaventura declared that at the...

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