Press Release
August 26, 2011

Transcript of Sen. Serge Osmeña's interview on the indictment of GA and Pag-Ibig officials

Q: May recommendation na to indict Delfin Lee and Pag-Ibig officials. Pero mababang level lang ng officials ang sinama sa Pag-Ibig. Hanggang dun lang ba ang dapat habulin?

Serge: I hope not. Because you know, there's always the bribe giver and the bribe taker. So, paano nakuha ni Delfin Lee 'yung P12 billion without bribing somebody? Ang laki niyan. You know how much P12 billion is?

Q: Somebody like former VP Noli de Castro?

Serge: Well, the Board approves those loans. That goes through Board approval. Hindi ito petty cash.

Q: Sino ang chairman ng Board?

Serge: Well, the chairman of the Board was former Vice President Noli de Castro.

Q: Indictable din siya?

Serge: I don't know. It is up to the evidence that are in the hands of the NBI investigators.

Q: Nag-investigate din 'yung (Committee on Banks). Ano po ang nakita niyo?

Serge: No direct evidence. Nobody said 'I paid Noli.' But I did not have enough time to look at all the documents. Sinabi ko sa NBI, this is your job. I turned over the evidence to them.

Q: May committee report na kayo?

Serge: Wala pa. We're trying to draft a bill to cover whatever loopholes there are. But I am waiting for Pag-Ibig to teach me so that I will not pass a bill that is 'hilaw' pa. Tapos sasabihin ng Pag-Ibig, 'hindi mo kami tinanong eh.' So I want them to go to this process of indicting, trying Delfin Lee, then I will sit down with Pag-Ibig when I have time, siguro in January na, because we have too many things now. Tapos sige, sabihin ko sa kanila, 'Okay, tell me what are the loopholes na kailangan i-plug.' Makikita naman natin na masyadong loose talaga. Masyadong malaki ang P12 billion.

Q: No direct evidence but the body that approved it was chaired by him (Noli)?

Serge: Yes.

Q: And 'yung Board, responsible din sila doon?

Serge: Yes, yes.

Q: Maluwag sila na nag-apruba ng ganun kalaking amount?

Serge: Yeah. That amount? You could not not let that go through Board approval. That needs Board approval for sure.

Q: Kung labas ang bribery, anong liability nila for approving the loan?

Serge: There are several processes, internal rules that you have to follow in any financial organization, in any organization. And in finance, it's even stricter. You have to go through 3 committee approvals. Tingnan niyo ang nangyari sa DBP, that's more recent. Nagkaroon, in one day, na-aprub agad sa 3 committees. They gave 10 waivers. Ah, kalokohan na ito. That's already a danger in the banking institution.

Q: Sa mga kinasuhan, meron bang mas mataas dapat na taga-legal, finance?

Serge: Yes. It certainly would not have been released without some shenanigans from the higher ups.

Q: Si Noli na iyon?

Serge: I don't know. But he was chairman, he had certain responsibilities. Maybe he was absent, we don't know.

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