Nograles hits back at PDIC president

PHILIPPINE NEWS SERVICE — SPEAKER Prospero “Boy” Nograles Jr. yesterday turned the tables and accused former Philippine Deposit Insurance Corporation (PDIC) president Ricardo Tan of allegedly concocting a story over the failed rural banks of the Legacy Group which he believed was part of a demolition job against him.

Instead, Nograles claimed in a press conference that it was Tan, then serving the remaining term of former PDIC President Norberto Nazareno, who sought audience with him in 2005 where the latter allegedly solicited his endorsement to extend his term.

“He (Tan) wants an extension. I told him mahirap iyan because he was endorsed by (former Finance Sec. Isidro) Camacho and a powerful politician which I will not name na hindi na maganda ang relasyon sa Palasyo,” said Nograles who admitted to reporters that he has still 40% more investments to be recovered from banks of Legacy Group.

“That’s very malicious,” said Nograles referring to the account of Tan that he allegedly asked the latter to go easy on PDIC’s inquiry against Celso delos Angeles, the owner of Legacy Group, as the businessman-turned politician reportedly provided big help in electing Vice President Noli de Castro.

“He (Tan) is not telling the correct story,” said Nograles who said that he knows as a lawyer that it is illegal for him to talk about troubled banks with PDIC head.
Nograles was then the House Majority Leader of the 12th Congress when the meeting arranged and attended by his former staff George Regalado with Tan happened.

Prior to the meeting, Nograles said Tan allegedly went to his office but failed to see him, adding that the former PDIC chief was claiming that they were relatives tracing to Mirasol family in Iloilo and Negros.

When asked by reporters the reason about Tan’s disclosure, Nograles said “I am not a mind reader.”

But during the press conference, Nograles said that what has been reported recently was part of a demolition job against him.

“I really think personally that there is a demolition job against me,” said Nograles.

Meanwhile, lawmakers who attended yesterday’s hearing of the House committee on banks and financial intermediaries scored the Bangko Sentral ng Pilipinas (BSP) over its failure to act with dispatch on the troubled rural banks affiliated with the Legacy Group.