Central Banking

Defiant Rafael Buenaventura says he will not quit

Philippine Central Bank Governor Rafael Buenaventura said he would not resign following accusations that he had alerted deposed president Joseph Estrada to withdraw the latter's secret account with deposits worth $2.9m (P143.76million) a day before the closure of Urban Bank in April 2000. The Central Bank also instructed Urban Bank to issue three manager's cheques amounting to $100,000 (P5million) each on April 24, 2000, a day before the bank closed, Congressmen Joker Arroyo and Oskar Moreno