GMA MAY BE INVOLVED IN DBP DEAL, SAYS OSMEÑA

MANILA, Philippines - Senator Serge Osmeña is claiming he has evidence which prove that former President Gloria Macapagal-Arroyo had a hand in the questionable loans that businessman Roberto Ongpin took out from the Development Bank of the Philippines (DBP) and the Land Bank.

The loans, which totalled $180 million, were supposedly used for the purchase and sale of MRT bonds.

The Senate hearings on the Ongpin-DBP controversy will resume Tuesday.

Former Finance Secretary Gary Teves, who allegedly approved the loans, has been invited to testify in the hearings.

"Merong kaming dokumento na nagpapakita na nilagdaan ito ni Teves, kahit walang borrower," Osmaña said. "So this goes all the way up, si Pangulong Arroyo."

Osmeña also has a report from the Securities and Exchange Commission (SEC) submitted to Senate President Juan Ponce Enrile, which says Ongpin also violated rules on insider information.

This is in connection with the Philex Mining shares Ongpin purchased using his loan from the DBP.

He sold the shares just a few days after the purchase to the Pangilinan group for a hefty profit.

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