Ongpin disowns firm with questionable loan from DBP

MANILA, Philippines – Roberto Ongpin denied that he owned the company which was allegedly granted a $90-million loan (P3.8 billion) by the Development Bank of the Philippines even without a loan application and a license to do business in the country.

He was referring to Global Air Services (GAS), which according to Senator Sergio Osmeña III had a capital of only $2.

“Totally taken aback” by Osmeña’s “incredible” statement, Ongpin said he did some research and found out that the loan the senator was referring to was the $180 million loan granted to GAS by the DBP and the Land Bank of the Philippines.

Ongpin said Gas is a BVI SPV company owned by a certain Presidio Capital, a fund management company based in Singapore.

“And certainly not owned by me,” he said.

It appeared, he said, that the loans were made at the request of then Finance Secretary Gary Teves to acquire MRT bonds and other financial instruments.

“I wish to stress that I had absolutely nothing to do with obtaining these loans,” Ongpin said, “Again, I am being vilified for something that I had nothing to do with.”