Admin
12th April 2005, 10:32
He lost everything with Urban Bank.
Teodoro Borlongan, former president of Urban Bank, shot himself in the head while inside his SUV (Nissan Pathfinder) parked at the Loyola Memorial Park in Marikina City yesterday.
Borlongan, 49, went to the cemetery to offer flowers to his departed relatives. Responding policemen recovered a .45 cal. automatic pistol from Borlongan’s left hand.
Borlongan was president of UB when it was closed by regulators after declaring a bank holiday in April, 2000 amid massive withdrawals of deposits. He was charged with mismanagement and lost his case.
Two weeks ago, Borlongan sent an e-mail message to friends, relatives, journalists and former UB employees.
Excerpts from his e-mail message: “God asked me to wait, I endured. God asked me to do right, I struggled for what was right. I kept strong outside, but stood alone. My unbearable fear, burden and pain for the sake of others and my family, I shared only with God.
“Oh, where is justice? Where is truth? Where is compassion? It is your face Lord, I truly seek. If not now, then after this lifetime. If not here, then in Your kingdom.
I finished my race, I fought my good fight. I did not give up, I kept my faith. Yet, death may still bear meaning or purpose for others, if not our lives. “
Bankers said Borlongan became the fall guy for the UB fiasco. While other UB officials were able to have the cases against them dismissed, Borlongan had to fight it out himself up to the Supreme Court.
“The sad part was it was not his friends’ accounts that were salvaged when the bank closed. He was a fall guy,” one of Borlongan’s opponents in UB case said.
Goodbye
Sketchy reports disclosed that Borlongan went to the Loyola Memorial Park before noon to offer flowers to his dead relatives.
He then called his wife through his mobile phone to tell her he loved her very much, boarded his Nissan Pathfinder and then shot himself.
The park’s security guards rushed to the scene after hearing the gunshot and reported the incident to the police.
Mayor Maria Lourdes Fernando, a close friend of Borlongan’s wife, was among those who rushed to the scene upon hearing the incident.
Operatives of the Eastern Police District said initial findings indicated suicide but refused to venture a motive.
Teodoro Borlongan, former president of Urban Bank, shot himself in the head while inside his SUV (Nissan Pathfinder) parked at the Loyola Memorial Park in Marikina City yesterday.
Borlongan, 49, went to the cemetery to offer flowers to his departed relatives. Responding policemen recovered a .45 cal. automatic pistol from Borlongan’s left hand.
Borlongan was president of UB when it was closed by regulators after declaring a bank holiday in April, 2000 amid massive withdrawals of deposits. He was charged with mismanagement and lost his case.
Two weeks ago, Borlongan sent an e-mail message to friends, relatives, journalists and former UB employees.
Excerpts from his e-mail message: “God asked me to wait, I endured. God asked me to do right, I struggled for what was right. I kept strong outside, but stood alone. My unbearable fear, burden and pain for the sake of others and my family, I shared only with God.
“Oh, where is justice? Where is truth? Where is compassion? It is your face Lord, I truly seek. If not now, then after this lifetime. If not here, then in Your kingdom.
I finished my race, I fought my good fight. I did not give up, I kept my faith. Yet, death may still bear meaning or purpose for others, if not our lives. “
Bankers said Borlongan became the fall guy for the UB fiasco. While other UB officials were able to have the cases against them dismissed, Borlongan had to fight it out himself up to the Supreme Court.
“The sad part was it was not his friends’ accounts that were salvaged when the bank closed. He was a fall guy,” one of Borlongan’s opponents in UB case said.
Goodbye
Sketchy reports disclosed that Borlongan went to the Loyola Memorial Park before noon to offer flowers to his dead relatives.
He then called his wife through his mobile phone to tell her he loved her very much, boarded his Nissan Pathfinder and then shot himself.
The park’s security guards rushed to the scene after hearing the gunshot and reported the incident to the police.
Mayor Maria Lourdes Fernando, a close friend of Borlongan’s wife, was among those who rushed to the scene upon hearing the incident.
Operatives of the Eastern Police District said initial findings indicated suicide but refused to venture a motive.