Gwen to critics: Don’t politicize HSBC loan issue

Local

CEBU Gov. Gwendolyn Garcia has reiterated that her $700,000 loan from Hongkong and Shanghai Banking Corporation (HSBC) in 1996 should not be linked to her position as the governor.

Following her return from a two-week international trip, Garcia clarified that the loan was made while she was still a businesswoman, long before entering politics.

"The loan should not have been brought up in connection with my position as governor of Cebu," Garcia said in a press conference on Friday, September 20.

She emphasized that she was still based in Ormoc City and not yet living in Cebu or holding any political office at the time.

The controversy resurfaced when the Supreme Court rejected Garcia's petition against the alias writ of execution issued by the Makati Regional Trial Court in 2012.

The court ordered her to pay $700,000 in damages to HSBC, with 12 percent interest since 2000, along with legal fees.

In a statement last weekend, Garcia’s lawyer, Atty. Alex O. Avisado Jr., argued that the ruling shouldn't be enforced since the case had been inactive for over a decade.

He explained that while the amount was at $890,347.92, the Court of Appeals had reduced it to $700,000.

However, Garcia challenged this, claiming she had already provided collateral worth more than the loan.

Avisado criticized HSBC for trying to collect $2.8 million, leading Garcia to take the case to the Supreme Court. HSBC also filed a petition to revive the judgment, citing the long delay. However, the Taguig Regional Trial Court dismissed this, saying it had expired.

Avisado emphasized that the case is still being reviewed by the Court of Appeals, making any effort to enforce the judgment "premature."

Meanwhile, Garcia also voiced her frustration over the issue being used by political vloggers, particularly members of the Diehard Duterte Supporters (DDS) group, to create a perceived conflict between her and Vice President Sara Duterte.

She dismissed this narrative, asserting that it was inappropriate to drag the Vice President into the matter.

Additionally, she criticized a local content creator for implying the loan dispute was a form of “karma.”

Garcia said she respects both Duterte and President Ferdinand 'Bongbong' Marcos Jr. for holding their respective positions."(MyTVCebu)