MANILA – Former Department of Foreign Affairs (DFA) secretary Perfecto Yasay Jr. posted bail pending his trial for alleged violation of the country’s banking laws.
Yasay paid P60,000 for each of his four cases, totaling to P240,000.
The Regional Trial Court Branch 10 in Manila ordered Yasay’s “temporary” release on Friday.
Based on the arrest warrant issued by same court, he was arrested in connection with several violations of the General Banking Law and the New Central Bank Act.
Yasay and five other fellow respondents, as officers of the Banco Filipino Savings and Morgages Bank, allegedly conspired between 2001 and 2009 to secure a loan accommodation worth P350-million for Tierrasud, Inc.
All respondents allegedly failed to report the loan to the supervision of the Bangko Sentral ng Pilipinas.
Yasay on Thursday said his involvement in the case was surprising as he only joined the bank in 2009.
“In truth and in fact I joined the bank only in 2009,” Yasay said.
He was the chairman of the Securities and Exchange Commission from 1995 to 2000 and was appointed by President Rodrigo Duterte as DFA secretary from 2016 to 2017./PN