Photo by Tingey Injury Law Firm via Unsplash.

PH’s Sarangani Rural Bank ex-officers charged for breaking banking law

They have been sentenced to 5 years’ imprisonment and fined up to $877 each.

Former officers of the Philippines’ Sarangani Rural Bank, Inc. (SRBI) have been sentenced to six years’ imprisonment for violating the Philippine authorities’ manual of regulations for banks, the general banking law of 2000, and the local penal code.

SRBI’s officers convicted include SBBI former president and manager Francisco L. Laiz, Jr.; former loans bookkeeper Marydelle C. Arbilo; former loans clerk Annalyn C. Brumo; former loans clerk Annalyn C. Brumo; and former account officer Charity B. Villa. 

SRBI credit committee members–former loans supervisor Arsenia C. Dela Cruz and former general bookkeepers Mizpah C. Santos and Lilibeth B. Girado– were also convicted.

ALSO READ: How can financial institutions build customer loyalty in the modern era?

In another court, SRBI former technical assistant Justino G. Tamala, Jr. have also been convicted for violating BSP’s MORB and falsification of public and commercial documents.

Laiz, Arbilo, Brumo, Villa, Dela Cruz, and Santos are also charged for falsification of public and commercial documents, and are further sentenced to one year and eight months’ imprisonment, as well as a PHP3,000 (approximately US$53) fine each.

The eight convicted individuals are also fined PHP50,000.00 (approximately US$878), and have been perpetually disqualified from holding employment in any of the BSP-Supervised Financial Institutions.

(US$1 = PHP57)

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