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"They are not giving us the whole story."
Thus said former central bank governor Jose L. Cuisia, Jr. on the statements of former Finance Secretaries Jose T. Pardo and Edgardo B. Espiritu on the sale of the government's stake in Philippine National Bank (PNB) to tycoon Lucio C. Tan last year.
Mr. Cuisia yesterday alleged the State ended up with a lousy deal when it also granted a P25-billion loan to the bank last October, while retaining its deposits with PNB.
"This is really lutong Macau!" Mr. Cuisia, who is now president and CEO of The Philippine American Life and General Insurance Company, told BusinessWorld.
He said Mr. Tan's entry in …