Closed Bank's Manager Sentenced To Jail Term
Based on charges filed by the Bangko Sentral ng Pilipinas (BSP), the Regional Trial Court (RTC) in Dumaguete City convicted a former officer of the now-closed Rural Bank of Siaton (Negros Oriental), Inc. (RB Siaton) on 44 counts of violation of the General Banking Law of 2000 in relation to the New Central Bank Act, as amended.
Photo Insert: The Rural Bank of Siaton (Negros Oriental)
In its decision dated 16 June 2021, RTC-Dumaguete City Branch 38 sentenced Porferio D. Tubog, former Manager of RB Siaton, to a minimum imprisonment of two years and a maximum of three years for each count.
The court also directed Tubog to pay the Philippine Deposit Insurance Corporation an aggregate amount of Php 578,408.81 as civil liabilities to now closed RB Siaton, after he pleaded guilty to said offenses.
The criminal cases stemmed from 43 cash advances that he obtained from RB Siaton amounting to Php 1,089,400.00 and his failure to return unaccounted funds totaling Php 578,408.81. The BSP discovered the unaccounted cash advances during an investigation of the bank’s transactions.
The BSP is committed to ensuring compliance with the law while maintaining the soundness of the financial system and protecting the public interest through the implementation of good governance practices among its supervised financial institutions.