COA: PDIC can't write-off P2B bailout to Westmont, Keppel

Posted at Oct 18 2012 06:04 PM | Updated as of Mar 13 2018 11:34 AM

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The Commission on Audit says the Philippine Deposit Insurance Corp. cannot write off a P1.66 billion financial assistance to Westmont Bank/United Overseas Bank of the Philippines and P325 million loaned to Keppel Monte Savings Bank.

In its ruling, the COA says the recommended write-off by the PDIC will result in losses for the government and taxpayers. ANC News Now, October 18, 2012