Roberto Ongpin faces Senate probe on DBP loans

MANILA, Philippines – Businessman Roberto Ongpin on Monday faced a Senate inquiry for the first time to answer allegations that he was granted behest loans by the state-owned Development Bank of the Philippines (DBP).

Ongpin, who was former trade minister during the time of late dictator Ferdinand Marcos, has been accused of insider trading when he acquired a P660-million loan from the DBP used to buy shares in Philex Mining Corp.

He allegedly bought the Philex shares of DBP for P12.75 each and later sold these at P21 to Manuel V. Pangilinan’s First Pacific.

Aside from Ongpin, former and incumbent officials of the DBP and other resources from the office of the Commission on Audit, Bangko Sentral ng Pilipinas, Philippine Stock Exchange were also present in the joint hearing of the Senate blue ribbon committee and the committee on bank, financial institutions and currencies.