Pres. Duterte Rejects Lucio Tan's Offer to Pay Debt in 7 Years "Mayaman Pero Hulugan"

The tough-talking President of the Republic of the Philippines rejected the offer of one of the richest person in the country, Lucio Tan, owner of Philippine Airlines to pay his company's debt within seven years.

PAL owner Lucio Tan offered the Duterte administration to pay their P7.3 billion unpaid dues for use of airport facilities, including its exclusive use of NAIA Terminal 2 within seven years but the President rejected the offer and wanted PAL to pay it in full and not in installment.

Lucio Tan is considered as one of the richest Filipinos in fact he was listed as the fourth richest in the latest publications of Forbes Magazine with an estimated net worth of more than $4.2 billion or P214 billion but his offer to pay his company's debt in installment was rejected by no less than the President himself.

According to Transportation Secretary Art Tugade, the national government has given billionaire Lucio Tan a final demand letter for full payment of all of PAL's unpaid charges owed to the Civil Aviation Authority of the Philippines and Manila International Airport Authority (MIAA).

The DOTr also noted that the Duterte administration worked hard as early as August to collect the airport dues of Lucio Tan but they failed to collect in full.

Sec. Tugade revealed that letters have been sent to PAL as early as August 2016 demanding full payment of all unpaid charges. As a result, discussions were undertaken with PAL to reconcile invoices and documents, which lead to PAL's payment to CAAP of P370 million.

The Philippine Airlines (PAL) still owed the government P6.964 billion to CAAP and P322 million to MIA, the owner billionaire Lucio Tan offered to pay his company's debt over a period of seven years but it was already rejected by the President.

Pres. Duterte had previously slammed Lucio Tan for having accumulated P30 billion in unpaid taxes to the Philippine government which is the main reason why he rejected the offers from Lucio Tan, owner of a Fortune-Philip Morris and Asia Brewery, to contribute to his presidential campaign in 2016.

Source: PNA

Pres. Duterte Rejects Lucio Tan's Offer to Pay Debt in 7 Years "Mayaman Pero Hulugan" Pres. Duterte Rejects Lucio Tan's Offer to Pay Debt in 7 Years "Mayaman Pero Hulugan" Reviewed by Phil Newsome on September 30, 2017 Rating: 5
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