Owner of Rural Bank of Victoria Sentenced to Prison


The Regional Trial Court of Sta. Cruz, Laguna convicted the former owner of the closed Rural Bank of Victoria (Laguna), Inc. (RB Victoria) on 12 counts of estafa through falsification of commercial or public documents as defined under the Revised Penal Code.

In its decision dated 30 June 2020, the court sentenced Gregorio S. Aguado to imprisonment of two to six years for each count of estafa, which will be served successively.

The court also ordered Aguado to indemnify the Bangko Sentral ng Pilipinas (BSP) the total amount of Php 3,072,000.00, with interest of six percent per year computed from the time the cases were filed in May 2004 until the amounts are fully paid.

The cases arose from a criminal complaint filed in 2002 by BSP before the Department of Justice against Aguado for causing the falsification of the loan and related documents of fictitious borrowers of RB Victoria, and rediscounting the same fraudulent loans with the BSP. Under the New Central Bank Act (Republic Act No. 7653), BSP accepts rediscounting of loans from banks to help them liquify their loan portfolio.

Aside from RB Victoria, Aguado also owned Countryside Rural Bank (Real, Quezon), Inc.; Rural Bank of Agdangan (Quezon), Inc. and Rural Bank of San Narciso (Quezon), Inc. Said three banks are all closed and placed under receivership of the Philippine Deposit Insurance Corporation.