“(T)he BSP wanted to know why P16 million of what are AMWSLAI funds were deposited in the personal account of President Manay.”
by Ducky Paredes
The esoterically named Air Materiel Wing Savings and Loan Association, Inc. (AMWSLAI) is a P14-billion that services the needs of 230,000retired and active soldiers and policemen. The cooperative lends needed funds to its members and raises its funds from deposits of its own members.
It is great being a member of the AMWSLAI. It is easy to get a loan and – for deposits – it has one of the highest rates anywhere. The one qualifier to get the best deal on deposits and to have access to an easy loan facility is that one has to be a member of the AMWSLAI and, to be a member, one has to have served or still serves as a policeman or a soldier.
Loans are guaranteed because the deduction for the payment is deducted by the paymaster for those still in the active service; retirees’ pensions are also automatically dunned whatever payments are due AMWSLAI. This is the reason why it can offer the best interest rates available anywhere. In that sense, it is a real service to its membership.
Trouble started in the cooperative in 2004 when Col. Luvin Manay was President. An audit by the Bangko Sentral found irregularities. For instance, the BSP wanted to know why P16 million of what are AMWSLAI funds were deposited in the personal account of President Manay. These were from checks issued by insurance companies payable to AMWSLAI as service fees or premium refund that were credited to capital contribution or savings deposit accounts of Manay and other trustees. The money intended for the AMWSLAI was being credited to their personal accounts!
There were also P158 million in unpaid loans that were borrowed by Manay and his fellow directors. Thus, they – Manay, Antonio Mantuato, Jose Elaurza, Johnson Ocfemia, Thaddeaus Estalilla and Anselmo Geronimo – were suspended by the BSP as trustees of the AMWSLAI.
Other trustees – Hector Senosa, Ismael Abad and Tereso Pelias – were no longer suspended because they resigned.
These trustees were ordered to repay their loans or return the money of AMWSLAI and explain why they ought not to be permanently disqualified as trustees.
Two of them – Estalilla and Abad – were able to comply with the BSP directives. The rest did not.
When the new elections for trustees were scheduled in 2005, of course, the Manay group went to court to try to prevent it. They were not disqualified, except for the two who complied with the BSP directives.
On October 14, 2005, however, the elections pushed through. Elected were Ricardo Nolasco, Jr., Estalilla, Abad, Morado Mercado, Ricardo Perido, Cedric Reyes, Cesar Toledanes, Antonio Gumba, Ricardo Cacabelos, Ruben Estepa, Domingo Dimapilis, Jr. and Angel Tapac,
In the meantime, Manay’s group won at the RTC and the Court of Appeals. Nolasco went to the Supreme Court, which gave them a status quo ante order. In October 2007, the SC directed that a mixed group – Nolasco, Manay, Estalilla, Mercado, Geronimo, Elauza, Ocfemia and Mantuano would serve as holdover directors until an election could be held.
Of course, Manay and his group could not get back their posts since they were still under preventive suspension by the BSP.
To speed things up, an election was scheduled for January 18, 2008. Everyone was informed of the election – even Manay and his group. They chose not to participate. In reality, they were disqualified by their preventive suspension by the BSP and the pending questions about the way they managed AMWSLAI that they have been unable to explain to the BSP.
Nolasco, Mercado, Estalilla, Abad, Perido, Tapac, Gumba and Toledanes were elected. Together with Cacabelos, Mendoza and Reyes who were elected in 2007, this is the present 11-man board.
Manay decided not to go to the RTC or he CA but went directly to the SC asking that the 2008 election be annulled.
Finally, the SC’s Third Division has effectively validated the 2008 elections; thus putting the matter to rest and the AMWSLAI back into normalcy and stability. The SC noted Manay’s motion to nullify the 2008 elections but did not act on it. In the language of the Supreme Court, this means that while the SC accepted the pleading, it chose not to act on it, meaning that it saw no need to do anything for whatever reason. Thus, since the SC would not act on the petition, it was as good as having been dismissed outright.
Nolasco serves as Chairman and President. He says: “AMWSLAI is in normal operation and the incumbent members of the board of trustees are determined to protect the interests of its members who have invested their hard-earned money in the savings and loan association.”
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The Federation of Philippine Amateur Senior Golfers, Inc. (FPASGI) has two types of tournaments – six under the San Miguel Seniors Tour where only FPASGI members can play – and six more simply fun tournaments where the stress is more on the camaraderie and in the pure joy of playing the game.
On April 30, a fun tournament will be held at Northwoods Golf and Country Club in Bulacan. Tee-off is from six to nine in the morning. Members can invite other senior players who may not be members of the FPASGI. We would also like to meet the seniors of Northwoods so that we can drum up membership support for the FPASGI Northwoods Chapter.
Tickets are at P1,700, which includes the green fee, caddy fee, use of a golf cart (shared with another player) a late lunch and a few raffle prizes. Give-away will be a personalized bag tag. FPASGI members can bring along their senior friends to play in this friendship tournament.
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hvp 04.13.08)Readers who missed a column can access www.duckyparedes.com/blogs. This is updated daily. Your reactions are welcome at email@example.com