Gov’t likely to have incurred losses in PEACe Bonds – DoF By Charlie V. Manalo 12/10/2011

Gov’t likely to have incurred losses in PEACe Bonds – DoF

By Charlie V. Manalo 12/10/2011

A lawyer from the Department of Finance (DoF) has revealed that the government might have incurred losses on the P35-billion PEACe Bonds, or the Poverty Eradication and Alleviation Certificates, as he noted gross irregularities in the bidding process which the Caucus of Development NGO Networks (Code-NGO), then headed by incumbent Social Welfare Secretary Corazon “Dinky” Soliman and the Rizal Commercial Banking Corp. (RCBC) cornered in 2001.

During the reopening of the House investigation on PEACe Bonds last Tuesday by the committee on good government and public accountability chaired by Iloilo Rep. Jerry Treñas, the DoF, through its lawyer Ephyro Luis Amatong, presented a part of the study that it has been undertaking, describing the PEACe Bonds deal as “one of a kind,” further revealing “strange” patterns of behavior during the auction and when sold in secondary and tertiary markets..... MORE

Source:  The Daily Tribune

URL: http://www.tribuneonline.org/headlines/20111210hed3.html