Ex-DFA chief Yasay posts bail

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Metro Manila (CNN Philippines, August 23) — Former Foreign Affairs Secretary Perfecto Yasay is a free man, for now, after posting bail pending his trial for banking violations committed over a decade ago.

Branch 10 of the Regional Trial Court of Manila ordered Yasay's immediate release Friday. He paid ₱60,000 for each of his four cases, totaling ₱240,000.

The Manila Police District arrested Yasay Thursday for supposedly violating Republic Act 8791 or the New Central Bank Act. He has been accused of conspiring with fellow officials of the now defunct Banco Filipino Savings and Mortgage Bank in securing a ₱350-million loan for a real estate company in early 2000.

The Bangko Sentral ng Pilipinas (BSP) filed charges against Yasay and nine others in 2011 for "falsification, grant of illegal loans, and major violations of banking laws, rules and regulations."

Yasay has said he is innocent of the charges. He said the supposed crime was committed in 2003 to 2006, but he only joined the bank in 2009 as director. Yasay was also former Securities and Exchange Commission chairman.

Yasay will face pre-trial and arraignment, where he will be asked to plead guilty or not guilty to the charges, on September 20.

The BSP has refused to comment on Yasay's arrest, saying "the matter is pending before court and to do so would violate sub judice rule."

After undergoing booking procedures and having his mugshots taken Thursday, Yasay spent the night at the Manila Doctors Hospital because of chest pains.