Saturday 19 January
Aug 25, 2017 @ 8:52

Andy Bautista would’ve been a significant depositor at LDB if P329M stash is true


Commission on Elections (Comelec) chair Andres Bautista is a shoo-in VIP at this thrift bank if his wife’s allegations of millions of wealth is accurate.

Bautista’s estranged wife Patricia Paz told the National Bureau of Investigation (NBI) early August that the poll chief had close to P1 billion of unexplained money and properties under his name, a third of which was held under 35 accounts at the Luzon Development Bank (LDB), owned by the Limcaocos, who happen to be Bautista’s friends from way back. In particular, she reported that she found passbooks with balances worth a total of P329.22 million under the said accounts.

According to the Bangko Sentral ng Pilipinas, LDB held P5.75 billion in deposits as of March 2017 — the 19th biggest among thrift lenders in the country.

We did the math: if Mrs. Bautista’s discovery was true, it would mean that Andy holds 6.5% of LDB’s total deposits — a pretty sizeable amount for one person to hold. It could also illustrate just how much trust he places in the bank owned by his mates.

But it seems it doesn’t end there, as NBI lawyer Minerva Retanal said they discovered that sequestered companies by the Presidential Commission on Good Government which Bautista previously headed also transferred its accounts to LDB during the years when he was the leader of the anti-graft agency.

Will his slice of the deposit pie grow larger? Stay tuned.

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