(SEPTEMBER 17, 2019) – The Court of Appeals (CA) on Tuesday has junked the writ of certiorari petition filed by former Foreign Affairs Secretary Perfecto Yasay Jr. and former top officials of the now-defunct Banco Filipino.
Yasay’s camp questioned the warrant of arrest issued against them last March 8 for alleged banking law violations.
In a three-page resolution, the CA said the petition of Yasay’s camp is still premature as their motion for reconsideration is still pending before the Manila Regional Trial Court Branch 10.
“The premature invocation of the intervention of the Court while said motions are still unresolved is fatal to the instant petition,” the resolution read.
The CA said the petition is “available only when there is no appeal, or any plain, speedy, and adequate remedy in the ordinary course of law…A petition for certiorari is a remedy narrow in scope and inflexible in character.”
Yasay was arrested on Aug. 22 at his home in Barangay Poblacion in Makati, on the basis of an arrest warrant issued against him and former Banco Filipino chairman Teodoro Arcenas Jr., vice chairman Albert Aguirre, executive vice presidents Francisco Rivera and Maxy Abad, and directors Orlando Samson and Adelaida Adduru-Bowman.
They are facing one count of General Banking Law violations and three counts of New Central Bank Act violations.
Manila police records showed Yasay failed to report to the Bangko Sentral ng Pilipinas (BSP) the approval of a P350-million loan to Tierrasud Incorporated, supposedly between 2003 and 2006.
At the time, Banco Filipino was already struggling with its financial losses. BSP shut Banco Filipino down in 2011. But Yasay said he joined the bank only in 2009.
He told reporters on Aug. 23 that he was “never involved in any operations of Banco Filipino,” as he only served as head of a high-level representative delegation on behalf of the bank.
Hours after his arrest, Yasay was rushed to Manila Doctors Hospital after suffering from high blood pressure while in detention. The former top diplomat was able to post a P240,000 bail on Aug. 24. (Nikko Miguel Garcia/JMF)