Yasay posts bail over bank case

Former Foreign Secretary Perfecto Yasay Jr. on Friday posted a P240,000 bail for his provisional liberty after being arrested for his alleged involvement in various banking law violations.

In a brief Facebook post after posting bail at Manila Regional Trial Court Branch 10 Judge Daniel Leyva’s sala, the 72-year-old diplomat said he now “enjoys the status of a provisional free man.”



“Now the fight for justice and to prove my innocence begins,” he wrote.


Yasay was arrested by Manila police on Thursday evening at his home in Barangay Poblacion, Makati City, on the basis of an arrest warrant issued by Leyva on March 8 against the former top diplomat and six top officials of the now-defunct Banco Filipino Savings and Mortgage Bank.

Yasay’s coaccused were former Banco Filipino chair Teodoro Arcenas Jr.; vice chair Albert Aguirre; executive vice presidents Francisco Rivera and Maxy Abad; and directors Orlando Samson and Adelaida Adduru-Bowman.


All are facing charges for violation of Section 36 of Republic Act No. 8791 (restriction on bank exposure) and RA 7653 (violations of orders of the Bangko Sentral ng Pilipinas, or BSP) committed by the officials supposedly between 2003 to 2006.

Among their supposed violations include granting a P350-million loan to Tierrasud Inc., which also owns stock in Banco Filipino, and then failing to report the loan to regulators.

But Yasay said he became part of the bank only in 2009.

Yasay was rushed to Manila Doctors Hospital after suffering from high blood pressure while in detention. He was later cleared by his doctors so he could post bail.


“At 72 years and a survivor of two cancers, it is not easy to live behind bars specially when you are innocent and a victim of abuse of process,” he wrote in a Facebook post.

While the warrant was issued in March, it was only on Thursday that Manila police were able to finally serve the warrant against Yasay, whose address is listed under Makati.

Supposedly, Makati police failed to serve the warrant earlier as Yasay was not around, police in Manila said.

On Aug. 19, police said, a certain Jonn Irvin Valensuela claiming to be a representative of the BSP sought Manila police’s help in finally arresting Yasay.

Read Next
Don't miss out on the latest news and information.
View comments

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

TAGS: Banco Filipino, Manila police, Perfecto Yasay Jr., Teodoro Arcenas Jr
For feedback, complaints, or inquiries, contact us.

© Copyright 1997-2020 INQUIRER.net | All Rights Reserved

We use cookies to ensure you get the best experience on our website. By continuing, you are agreeing to our use of cookies. To find out more, please click this link.