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BAYAN Muna Rep. Carlos Zarate said Congress should look into the “wash sale” transaction entered into by directors of the Development Bank of the Philippines (DBP) like Alberto Lim, who once served as the first tourism secretary of President Aquino in 2010.

Zarate issued the statement as employees of the DBP filed a graft complaint in the Office of the Ombudsman against 14 senior executives of the state-owned bank for allegedly shortchanging the government in the “wash sale” of P14.3-billion worth of treasury notes last year.

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In a joint complaint-affidavit, representatives of the DBP Employees Union (DBPEU) and the Association of the DBP Career Officials (Adco) said the government incurred P717 million in actual losses from 28 allegedly illegal transactions entered into by the bank officials from January to March 2014.

“This dubious transaction can even place in possible jeopardy the recently approved House bill allowing DBP’s merger with the Landbank with the latter as the surviving entity. The merger can be used as a convenient “cover” or “camouflage” by the involved DBP officers and employees, if not looked into,” added Rep. Zarate.

“Also aside from the fact that it is the people’s money that they are playing with, these DBP officials are also adding to the problem of MRT commuters because DBP along with the Landbank own  19.7 percent of the MRT and would have been instrumental in taking over the problematic rail system and improving its service,” said the lawmaker.

“I hope that this is not one of the fund raising operations of the administration for the 2016 elections and we laud the courage of the DBP employees and mid-level officers for exposing this weasel wash sale deal,” ended Rep. Zarate.

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