A list of Metrobank senior executives filed with the Philippine Dealing and Exchange Corp. showed that Lopez, 54, was one of the bank’s 402 vice presidents. The list indicated that Metrobank had three senior executive vice presidents, nine executive vice presidents, 28 senior vice presidents, 59 first vice presidents; 109 vice presidents (Lopez’s rank) and 194 assistant vice presidents as of April 27, 2017. Lopez dealt directly with large corporate clients as vice president and head of the bank’s corporate management services division. By forging signatures and breaching bank protocols, Lopez was able to establish two bogus corporate loan accounts worth P950 million and P850 million. Banks normally require borrowers to have deposit accounts from which loan interest as well as principal amortizations may be automatically debited.

Source: The Standard July 23, 2017 15:56 UTC