The Bangko Sentral ng Pilipinas (BSP) has scored another win in the continuing fight against unlawful banking practices with the conviction of former officials of the Cooperative Bank of Benguet by the Regional Trial Court of that province.
The BSP had sued former CBB assistant general manager Jesusa B. Ligligen and former branch manager Richard C. Antonio for extending so-called DOSRI loans in excess of allowable ceilings.
DOSRI relates to loans obtained by directors, officers, shareholders and related interests that by themselves are not illegal but highly regulated consistent with prudent and best management practices.
“The BSP continues to maintain the soundness of the financial system and protect the public interest while ensuring that banks are compliant with existing laws, rules and regulations,” it said following the outcome of the criminal complaint it filed against the former bank officials.
