Yasay posts bail; arraignment on raps set Sept. 20

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MANILA — Former Foreign Affairs Secretary Perfecto Yasay Jr. is a free man again after posting bail for charges in violation of the country’s banking laws.

In an order issued Friday, Manila Regional Trial Court (RTC) Branch 10 Acting Presiding Judge Danilo Leyva said Yasay was released after posting a PHP240,000 bail, or PHP60,000 for each of the four charges against him.

Leyva directed Yasay to appear at the arraignment and pre-trial on September 20.

The Manila Police District arrested Yasay on Thursday for violations of Republic Act (RA) 7653, otherwise known as the Central Bank Act when he was an official of a local bank.

On a Facebook post, Yasay claims the charges arose from alleged anomalous transactions that occurred before he joined the bank in 2009.

The charges involve his alleged violation of Section 36 of RA 7653 or proceedings Upon Violation of the Banking Act and other banking laws, rules, regulations, orders or instructions and Section 26 of the same law covering directors, officers, stockholders and other related interests.

Under the provision, any director, officer or stockholder who, together with his related interest, contracts a loan or any form of financial accommodation from: his bank; or from a bank which is a subsidiary of a bank holding company of which both his bank and the lending bank are subsidiaries or in which a controlling proportion of the shares is owned by the same interest that owns a controlling proportion of the shares of his bank, in excess of 5 percent of the capital and surplus of the bank, or in the maximum amount permitted by law, whichever is lower, shall be required by the lending bank to waive the secrecy of his deposits of whatever nature in all banks in the Philippines.

In 2017, the Commission on Appointments rejected Yasay’s appointment as the country’s top diplomat.