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31-Jan-2016 21:47 by lepolle 8 Comments

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Cynthia Villar and Ditas Magno (once introduced to this writer by then Speaker Villar), president and vice-president of Capitol Development Bank, managed to secure a loan from the Bangko Sentral amounting to one and a half billion pesos in two tranches: 1.17 billion on 22 April 1998, and 332 million on 24 April,1998.

Instead, they settled the loan through a dacion en pago of 483.97 hectares in Norzagaray, Bulacan, the same property that the complainants now before the Ombudsman are claiming to be lawfully theirs.At the time of the dacion, the zonal value assigned by the Bureau of Internal Revenue, which is supposed to approximate actual market value, was 60 pesos per square meter or 600,000 pesos per hectare.Those 484 hectares should therefore be worth 290 million pesos, but it was used to settle an account from the Bangko Sentral of 1.5 billion pesos! In fine, the Bangko Sentral ng Pilipinas, fiduciary trustee of the people of the Republic of the Philippines, issuer of legal tender used by its benighted residents within the metes and bounds of the same Republic, now holds assets valued at 290 million, which “erased” liability of the Villars worth one and a half billion, or five times the value of the property now in its possession.In effect, the Bangko Sentral lost 1.210 billion of the people’s money to some very, very wise guys, for and in behalf of a hopelessly bankrupt Capitol Development Bank. Joker Arroyo of the first congressional district of Makati was robbed of the speakership in June 1998, he asked some investigative journalist to dig deeper into information he received about an alleged land-grabbing incident in the hilly town of Norzagaray in Bulacan, right beside the foothills of the Sierra Madre.He had information that behind the supposed land-grabbing was the Villar couple, Manuel, soon to be proclaimed Speaker of the House by the grace of the newly-elected president of the land Joseph Ejercito Estrada, and his wife Cynthia. The fourth charge of corruption stated by Arroyo was about the Capitol Bank’s receipt of financial accommodations from the Bangko Sentral between 19, when Mrs.

On August 17, 1998 Joker Arroyo spoke before his peers and charged the new Speaker with violations of the Constitution and the Anti-Graft and Corrupt Practices Act, or R. Cynthia Villar was its CEO, and her husband Manuel was a congressman from Las Piñas, and now, Speaker of the House.

Sometime last week, at just about the same time that now Senator Arroyo was defending his by now good friend and fellow Wednesday dining companion, Senate President Manuel Villar, on charges of conflict of interest discovered because of a 200 million peso “singit” in the 2008 national budget, a story appeared in one of the national dailies.

It said that a certain Gina Jarvina and Valentin Amador, representing several farmers of Norzagaray, filed charges of probable plunder against Villar, his wife Cynthia, now congresswoman of the lone district of Las Piñas, along with Anacordita Magno, first vice-president of Capitol Development Bank, Arturo de los Santos, executive vice-president of Optimum Development Bank, and Andres Rustia, managing director in charge of the Department of Loans and Credit as well as the Assets Management Department of the Bangko Sentral ng Pilipinas, in connection with an unpaid loan from the BSP amounting to almost P1.5 billion.

Cynthia Villar was charged in her capacity as president of the Capitol Development Bank (now Optimum Development Bank) who was one of the signatories in the P1.5 billion loan, while Senate President Manuel Villar was made respondent for being a shareholder in the family-owned bank.

The plunder case was filed last Friday by a group of farmers whose ownership of some 484 hectares of agricultural lands in Norzagaray, Bulacan is being disputed by the Bangko Sentral before the Regional Trial Court of Malolos.

Complainants are assisted by their lawyer Sergio Angeles of the Angeles, Golla & Associates which holds office in Eagle’s Nest, Sumulong Highway, Barangay Sta. Based on that complaint, pertinent facts of which were confirmed to this writer by the investigative journalist Joker Arroyo commissioned in 1998, this is the story of the case: Mrs.

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