Court orders Yasay’s release

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The Manila regional trial court on Friday ordered the release of former Foreign Affairs secretary Perfecto Yasay after posting a bail bond for allegedly violating banking laws.

Yasay paid ₱60,000 for each of his four cases, totaling ₱240,000.

He will face pre-trial and arraignment where he will be asked to enter a plea on September 20.

Yasay’s arrest was ordered by Judge Danilo Leyva, Presiding Judge of Manila RTC Branch 10.

He was arrested for alleged violation of Republic Act 8791 and Republic Act 7653 or the General Banking Law and the New Central Bank Act respectively.

Yasay was accused of alleged complicity in a loan involving the now defunct Banco Filipino Savings and Mortgages Bank

He was accused of conspiring with fellow officials of Banco Filipino in securing a ₱350-million loan for a real estate company in early 2000.

Yasay maintained his innocence over the charges, saying the supposed crime was committed in 2003 to 2006, but he only joined the bank in 2009 as director.

He was also former Securities and Exchange Commission chairman.

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