Mayor mum on old case vs. PDIC

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Thursday, February 6, 2014

LAPU-LAPU City Mayor Paz Radaza stays mum on the case filed against her by the Philippine Deposit Insurance Corp. (PDIC) over allegedly fake loans when she was the president of a rural bank.

Radaza, in her regular news conference yesterday, said she will answer the allegations after she receives a copy of the complaint filed by the PDIC before the Department of Justice last Jan. 13.

PDIC accused Radaza and Julius Eullaran, former loans manager of the Rural Bank of Subangdaku, of conspiring to create more than 6,000 fictitious loans from 2004 to 2008.


The Monetary Board placed the bank under PDIC receivership in January 2009.

Radaza expressed dismay that her political opponents are fueling the issue, saying the case is not related to her function as a mayor.

Radaza became mayor in 2010, a year after the controversy erupted.

She assured the case will not affect her function as a mayor.

“I’m doing my best as a mayor. I dedicate my time to the people and I’m a transparent mayor,” she said, adding no corruption case has been filed against her since she assumed her post in 2010.

Radaza said she does not want to keep recalling her time as president of the bank.
“Mao na nga panahon gusto nako makalimtan tanan (That’s a period I want to completely forget),” she said. She did not elaborate.

Radaza said she owned only one percent of the bank’s shares. The biggest shares, she said, were owned by the Gaisanos.

According to PDIC, Radaza and Eullaran were behind the creation of 6,051 fictitious loans. Of these loans, 5,470 allegedly did not have the required credit information while 581 did not have supporting documents.

Published in the Sun.Star Cebu newspaper on February 06, 2014.

Local news

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