Behest loan
The term behest loan refers to a loan granted to individuals or corporations favored by a powerful government official despite their lack of qualifications to receive such a loan. It is a mechanism for graft and political corruption particularly used in authoritarian regimes, where financial institutions such as banks are placed under intense pressure to approve such loans "at the behest" of high officials.[1][2] The term has historically been most associated with the cronies of Ferdinand Marcos,[3][4][5] although other officials have also been accused of engaging in the practice. [6]
References
- ^ Araneta, Sandy (2006-04-20). "PCGG uncovers 130 behest loans worth P50 billion". The Philippine Star. Retrieved 2018-04-22.
- ^ "Anatomy of a 'behest' loan". Rappler. Retrieved 2018-04-22.
- ^ Palabrica, Raul J. "Three-decade old behest loans". Retrieved 2018-04-22.
- ^ Nonato, Vince F. "3 PNB execs to be tried for behest loans". Retrieved 2018-04-22.
- ^ Mogato, Manuel (2016-02-24). "Philippines still seeks $1 billion in Marcos wealth 30 years after..." U.S. Retrieved 2018-04-22.
- ^ "Speaker smells P5.6B in DBP behest loans - The Manila Times Online". Retrieved 2018-04-22.
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