MANILA - Land Bank of the Philippines said it is investigating the alleged loan scheme raised by the president of the American Boulevard Trading Corporation.

ACT CIS Partylist Representative Rowena Niña Taduran earlier called for a probe into the issue, saying 10 percent of American Boulevard president Alberto Ching's P50 million loan with LANDBANK was not disbursed.

"The borrower was given all sorts of excuses and was coaxed by the 'agents' to apply for another P50 million loan. Still, the release of the loan proceeds was delayed and incomplete," Taduran said during a House hearing last March 30.

LANDBANK said it exercises stringent vetting processing granting and implementing loans, based on its existing policies and all other pertinent banking rules and regulations.

"LANDBANK also maintains high ethical standards in the workplace and takes any violation by its employees very seriously," the state-owned lender said.

The Bank said it will not tolerate fraudulent practices that go against integrity, transparency, and accountability.

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