{"id":51712,"date":"2015-06-13T16:08:44","date_gmt":"2015-06-13T08:08:44","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=51712"},"modified":"2015-06-13T16:16:54","modified_gmt":"2015-06-13T08:16:54","slug":"dbp-asked-to-explain-wash-sales","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2015\/06\/13\/dbp-asked-to-explain-wash-sales\/","title":{"rendered":"DBP asked to explain ‘wash sales’"},"content":{"rendered":"
\"Shutterstock\"<\/a>
Shutterstock<\/figcaption><\/figure>\n

MANILA — The Development Bank of the Philippines has been asked to explain its “wash sales” transaction last year.<\/p>\n

The Governance Commission for Government-Owned or Controlled Corporations (GCG), a group tasked to monitor the performance of state-run corporations sought the DBP’s statement over the issue.<\/p>\n

GCG spokesperson Bea Nadine V. Barte said that they have reached out to seek for DBP’s comments on the issue.<\/p>\n

The controversial transactions resulted in P712 million in losses to the state-owned bank.<\/p>\n

DBP has earlier issued a statement claiming that the transactions were “legitimate” and were done to limit the bank’s financial loses as the global market prices were falling.<\/p>\n

\u201cIf a GOCC is suspected to be erring, we study the issue and make a recommendation to the President on the action that may be taken. Penalization depends on the concerned agency, which has jurisdiction over the GOCC and\/or the issue,\u201d she said.<\/p>\n

The group is tasked to\u00a0\u201cevaluate the performance and determine the relevance of a GOCC to ascertain whether such GOCC should be reorganized, merged, streamlined, abolished, or privatized.\u201d<\/p>\n

Barte, meanwhile clarified\u00a0that the investigation on the said issue is under the jurisdiction of the Bangko Sentral ng Pilipinas and the Securities Exchange Commission.<\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA — The Development Bank of the Philippines has been asked to explain its “wash sales” transaction last year. The …<\/p>\n","protected":false},"author":44,"featured_media":33008,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,1145],"tags":[],"class_list":["post-51712","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-headline","mauthors-lei-fontamillas","mauthors-philippine-canadian-inquirer"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/51712","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=51712"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/51712\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/33008"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=51712"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=51712"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=51712"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}