|
THE
Bangko Sentral ng Pilipinas (BSP) has dismissed the
legislative inquiry as “so much politics,” but the House
Oversight Committee allegedly found evidence the
monetary authorities intentionally understated its
annual dividend declarations by up to P10 billion for
several years now.
This
pertains to the BSP’s obligation to remit up to 75
percent of its profits as dividends to the National
Treasury every year, an obligation the central bank
allegedly failed to keep from 2003 up to 2007.
According to a House resolution filed by Camarines Sur
Rep. Luis Villafuerte, the BSP so “thwarted, subverted
and impeded” the entitlement process that this resulted
to the disadvantage of the national government.
Villafuerte wants the BSP and its seven-man Monetary
Board to explain the supposed violations and why they
should not be haled to the Ombudsman for breaking the
law.
Villafuerte draws strength from a Commission on Audit (COA)
report dated August 13, 2007, that said the BSP may have
violated a particular section of the charter on
government-owned or -controlled corporations which
specifies how deductions for reserve purposes may be
computed.
The
legislator claimed the BSP made unauthorized deductions
that significantly diminished the amount of dividends
the central bank remitted to the national treasury
starting from 2003 all the way to 2007.
“The BSP
for calendar years 2003, 2004, 2005, 2006 and 2007 has
illegally deducted unauthorized ‘reserves’ in violation
of law from its income before net profits distribution
through dividend declaration and payment to the NG,”
Villafuerte said in the resolution, adding that the
deductions amounted to “substantial amounts” that “could
range from P7 billion up to P10 billion.”
At the
Department of Finance, officials said the matter of
diminished dividends from the BSP has been around for
years and has not been resolved fully despite efforts by
then-National Treasurer Omar Cruz to obtain a larger
share of the profits the BSP generates every year.
Efforts
to contact Cruz, who now works for the local unit of the
American Insurance Group, proved unsuccessful.
But
senior officials requesting anonymity said the
legislative inquiry has its merits. “The COA findings
are a starting point,” officials said.
According to the House Oversight Committee, the BSP ends
up sending diminished dividends to the Treasury on
account of a number of allegedly unauthorized deductions
that include reserves for fidelity losses, reserves for
the BSP medical benefit fund and reserves for the
liability fund of directors and officers.
The
final fund pertains to money set aside to answer for
damages awarded against central bank officials
eventually found to have abused their authority when
moving against private bank owners and their managers.
BSP
Governor Amando Tetangco Jr. had sought for his
colleagues legal immunity from this hazard, a move that
the World Bank and the International Monetary Fund
previously supported.
In any
case, Tetangco brushed aside the alleged violation based
on Republic Act 7656, saying their actions are based
simply on their own charter or Republic Act 7653 or the
New Central Bank Act.
“RA 7656
is a general law that applies to government
corporations. The BSP uses its own charter and we have
since explained this,” he said. |
