A former Philippine Postal Savings Bank official faces up to eight years in prison and is ordered to pay P39.05 million, equivalent to the 'excessive' interest that depositors 'unjustly' earned.
MANILA, Philippines – The Sandiganbayan found a former official of the state-owned Philippine Postal Savings Bank, now known as Overseas Filipino Bank, guilty of graft for giving undue preference to two depositors.
Villamora was also ordered to pay P39.05 million, equivalent to the “excessive” interest that depositors Noel Antonio and Daughters of Mary “unjustly” earned from 2013 to 2017.In a notarized sworn statement dated October 25, 2017, and signed by Villamora herself, she admitted offering depositors an interest rate of 3% per month or 36% per annum if they invested in the bank’s Premium Savings Plan. The regular interest rate was only 0.25% per annum.
But the Sandiganbayan said that based on Villamora’s track record, including her “vast experience in banking operations,” she could not have been pressured into “doing something against her will.”
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