Pres. Duterte Warns Firms that Owns ABS-CBN to Pay their Debt to DBP


The tough-talking President of the Republic of the Philippines threatens firms that owns, one of the largest network in the country, ABS-CBN over its supposed debt to the Development Bank of the Philippines. He warned that he is going after the holding company that controls ABS-CBN.



During the 23rd anniversary of the Technical Education and Skills Development Authority (TESDA), Pres. Duterte spoke out against Benpres, which has since been renamed Lopez Holdings Corporation, the firm that owns major shareholdings in ABS-CBN and in the power, property, and telecommunications sectors.

Pres. Duterte was quoted as saying "I will go after itong mga elite. And I will not name the person, but ‘yung mga company nila noon — Benpres and about six other companies — may utang sila sa DBP. At ang utang nila, umabot ng... to finance this… pera ng tao, gagamitin nila to finance their business pero kanila ‘yung kita," he said.

The President added further that "And yet, they were not able to pay and it was condoned by government. Kaya noong binabasa ko ‘yung... sabi ko, 'I will go after the elite in this country because they are the ones really who’s benefiting from all of these things,'" he added.

Watch Pres. Duterte During the 23rd TESDA Anniversary:



Pres. Duterte, the former Mayor of Davao City, he had previously threatened to block the franchise of ABS-CBN, which he had accused of not airing his campaign ad during the 2016 national elections.

Aside from ABS-CBN, one of the largest media conglomerate in the country, Pres. Duterte also hit out the Philippine Daily Inquirer, which is owned previously by the Prieto-Rufino family, until it was sold to SMC's Ramon Ang.

Source: GMA News


Pres. Duterte Warns Firms that Owns ABS-CBN to Pay their Debt to DBP Pres. Duterte Warns Firms that Owns ABS-CBN to Pay their Debt to DBP Reviewed by Phil Newsome on 8/30/2017 Rating: 5

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