Ramos warns bankers

Ramos warns bankers

MANILA (Reuter): Philippine president Fidel Ramos has warned bankers against the increasing loan applications of politicians starting this year as most of which would be used just for political campaigns.

Ramos advised bank presidents whom he met in a closed-door meeting recently to scrutinize all loan applications especially made by incumbent local officials, the presidential palace said in a statement released yesterday.

A simultaneous presidential and local election is slated in May next year, but jockeying for positions and political campaigns have started nearly a year and a half in advance.

"As the political season heats up, some of them will resort to various ploys just to ensure that they get reelected," Ramos told the bankers.