Makati court acquits 2 ex-Banco Filipino execs

Former Banco Filipino Savings and Mortgage Bank (BF) officers Roberto Afable and Francisco Rivera have been acquitted of criminal charges related to the alleged falsification of public documents and issuing false statements by the Makati City Metropolitan Trial Court (MTC).

MTC Presiding Judge Niño Delvin Embuscado cleared Afable and Rivera due to a lack of sufficient evidence.

Afable, who served as BF senior vice president, and Rivera, a director of BF, were accused in connection to claims by the Bangko Sentral ng Pilipinas (BSP) that BF engaged in “window dressing” its records.

The central bank had ordered the closure of BF, alleging that the bank doctored its financial records from 2003 to 2009 to conceal operating losses.

“While there is evidence that there might [be] falsification as impressively argued by the prosecution, however, there is also evidence on the part of the defense, which the prosecution failed or was amiss in covering, supported the defense of both the accused,” the MTC said.

The court questioned BSP’s accusations, pointing out that the BSP had designated monitors at BF to oversee its operations and ensure compliance with banking laws.

Despite this oversight, there was no evidence of adverse reports regarding the alleged misreporting of operating losses. —Russel P. Loreto

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