Tuesday, October 23, 2018
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Deal saved the day for DBP, SEC dep’t head’s action strange

12:01 AM November 07, 2016

This refers to Daxim Lucas’ Biz Buzz article with the headline “DBP, FMIC top brass, officers fined for ‘wash sales’” (Business, 10/16/16). I wish to make the following clarifications to set the record straight:

1. Lucas used a report by a department head of the Securities and Exchange Commission (SEC) and passed it off as final and executory as if it were SEC’s official decision. It was not. It is pending at the en banc. So we, the DBP [Development Bank of the Philippines] officials involved, were tainted immediately by Lucas’ irresponsible, malicious and egregiously wrong story. The truth is this report—his basis—was thrashed by the SEC general counsel last year for lack of factual basis. The August 2016 version was a virtual reproduction of this, and we cannot understand the SEC department head’s persistence in peddling his legally infirm and discredited report.


2. To the heart of the matter, the questioned transaction was meant to preserve the DBP’s capital. Otherwise, government would have had to infuse additional capital into the bank. That transaction saved the day for the bank and the government. No one made money from this. No taxpayer money was needed to be unnecessarily spent.

3. Our management tried to clean up the DBP. Our “victims” never rested and tried to stop and harass us at every turn so they could continue their merry ways. They took us to the Ombudsman on this same issue and they lost.


4. Daxim Lucas, we personally appeal to you to be fair. We are not hiding anything. Why not try to give us a call so we can explain before you come out with anything? We think

doing so is called responsible journalism.

GIL A. BUENAVENTURA, former president , Development Bank of the Philippines, current president, Rizal Commercial Banking Corp.

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TAGS: Biz Buzz, Daxim Lucas, DBP, Development Bank of the Philippines, Gil A. Buenaventura, Inquirer letters, Inquirer Opinion, SEC, Securities and Exchange Commission
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