The nation’s monetary authorities have started probing in earnest allegations splashed in social media and appearing in certain newspapers about one local commercial bank losing “hundreds of millions” in deposits to one of its managers.
The incident was disclosed last week by Representative Nina Taduran of the ACT-CIS party list group in a radio interview.
Reacting to Taduran’s revelation, certain Bay Area-based Pinoys belonging to a Viber chat group claimed that the bank (later identified as EastWest Bank) suffered losses close to PhP.5 billion representing placements made by two prominent lawmakers.
In a belated statement released to the public, EastWest Bank, said to be the 11th biggest bank in the country in terms of assets in 2019, claimed the amount involved was “not significant” and more importantly the money in question has already been credited back to the accounts of the victims.
EastWest management admitted that one long-serving branch manager (codenamed “J. Lo” in numerous social media posts) had indeed absconded with the deposits of two clients.
J. Lo has reportedly gone missing, together with family members, and is suspected to have fled abroad.