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Aug 8, 2017 @ 16:38

Luzon Devt Bank who? Andy Bautista has P330M deposits in obscure bank owned by Limcaoco family


Among the peculiar things which stood out in Patricia “Tish” Bautista’s expose on the hidden wealth of her husband, Commission on Elections Chair Andy Bautista, is an obscure thrift bank which allegedly held the bulk of his cash holdings.

Even Senator Grace Poe was puzzled why Bautista would entrust a third of his hidden wealth in Luzon Development Bank which she never heard of before the scandal “Di ba mas gugustuhin mo dun sa established na bangko kung talagang naninindigan ka na pera mo ‘yun,” Poe asked.

In her affidavit, Tish said Bautista has P227.701 million cash in 30 separate accounts at LDB’s Fort Bonifacio branch under Bautista’s name jointly with those of his family members.

She said Bautista also has P101.519 million in cash in five deposit accounts at LDB’s branch in Makati City.

“Based on the passbook of each of the 30 bank accounts, deposits and withdrawals were made during the year 2016 for substantial amounts not declared in SALN (statement of assets liabilities and net worth),” said Tish.
So what is LDB and who are the people behind it?

LDB calls itself the biggest Calabarzon-based thrift bank founded by theLimcaoco family in 1961. It is ranked number 21 among thrift banks in the country with P5.7 billion in assets.

The Limcaoco’s have interests in automobile dealership and service (Hertz Rent-A-Car and Rapide), real estate (Lica Land), and financial services.

The family owns the Old Swiss Inn restaurant chain, the Olympia Towers in Makati, andZentrum Malls.

One of LDB’s directors is Rene K. Limcaoco, former Undersecretary of the Department of Transportation.

Limcaoco was part of the core group brought by then Transportation Secretary Mar Roxas in 2010 along with Jose Perpetuo Lotilla, Catherine Gonzales and Jaime Feliciano Gonzales.

This group was retained by Jun Abaya when he took over DOTr in August 2012.

A Bilyonaryo source said Bautista and his brother were friends and Ateneo classmates of two Limcaoco siblings.

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