Philippine loan officer fined for violating lending regulations

The officer was an employee of the now closed Ruran Bank of Buguias (Benguet).

A loan officer from a Philippine rural bank has been found guilty of participating in the release of “irregular and questionable loans” to the bank’s directors, officers, stockholders, and related interests (DOSRI).

Gavino John B. Bay-an III, a former loan officer for the now closed Rural Bank of Buguias (Benguet), Inc., have been sentenced to pay a fine by the Regional Trail Court of La Trinidad, Benguet for violating the Bangko Sentral ng Pilipinas (BSP) Manual of Regulations for Banks, the General Banking Law of 2000, and the New Central Bank Act.

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The BSP filed the criminal case against Bay-an III after the BSP discovered the DOSRI loans during its investigation of the bank’s loan transactions after its closure.

In October 2023, the courts also convicted former officers of RB Buguias for violations of the rules on DOSRI loans.

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Bangko Sentral ng Pilipinas

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