Former senatorial bet and social media darling Atty. Larry Gadon shared an article first published by Thinking Pinoy or RJ Nieto revealing the main reasons why Pres. Rody Duterte plans to oppose ABS-CBN's Congressional Franchise renewal due to P1.67 Billion in unpaid loans from government-owned Development Bank of the Philippines (DBP).
According to Thinking Pinoy, Pres. Rody Duterte said last March 6, 2019 that he will oppose attempts to renew the congressional franchise of Lopez-owned media giant ABS-CBN due to the fact that the company had a huge loans from the DBP.
During the first First Anniversary celebration of the Presidential Anti-Corruption Commission held in Malacañang that ABS-CBN's 25-year congressional franchise expires in 2020 and it needs to be renewed for the media giant to continue TV operations.
The national government revealed that Maynilad owed the government P710.86 million, Bayantel had P591.81 million, Skycable P207.10 million and Lopez Group P157.95 million. All these companies are under the Lopez Group who had unpaid DBP Loans.
Read the Complete Expose of Atty. Gadon & Thinking Pinoy:
PRRD TO OPPOSE ABS-CBN'S CONGRESSIONAL FRANCHISE RENEWAL DUE TO P1.67 BILLION IN UNPAID LOANS FROM GOVERNMENT-OWNED DBP
Citing massive unpaid loans from the Development Bank of the Philippines (DBP), Pres. Rody Duterte on 06 March 2019 said he will oppose attempts to renew the congressional franchise of Lopez-owned media giant ABS-CBN.
PRRD said, "The franchise is up for renewal. You ask if I'll object? Yes, I will object! Unang-una, yung utang nila (sa DBP), tablahin natin yan?"
[TRANSLATION: The franchise is up for renewal. You ask if I'll object? Yes, I will object! First of all, their (DBP) loan, should we just forget about it?]
DBP is a government-owned and -controlled corporation.
PRRD said during the 1st Anniversary celebration of the Presidential Anti-corruption Commission held in Malacañang on 06 March 2019.
ABS-CBN's 25-year congressional franchise expires in 2020 and it needs to be renewed for the media giant to continue TV operations.
TV franchises are given via Republic Acts passed by Congress. PRRD, as the Chief Executive, has the option to veto Republic Acts.
UNPAID PHP 1.67 BILLION LOANS
Here's a list of unpaid loans secured by the Lopez Group:
[A] Maynilad Water Services, Inc.: P710.86 million
Loan granted in 2001 and started to default in 2003. The Lopezes controlled maynilad until 2006. DMCI Homes and MVP's Metro Pacific Investments Corporation took over in 2007.
[B] Bayan Telecommunications, Inc. (BayanTel): P591.81 million
Loan granted in 1995 and started to default in 2001. The Lopezes controlled Bayantel until Globe Telecom started to take over in 2012, with the government finally approving the takeover bid in 2015.
[C] Central CATV Inc. (SKYcable)—P207.10 million
Loan granted in 1997 and started to default in 2001. The Lopezes control Skycable a.k.a. Central CATV Inc up to this day.
[D] Benpres Holdings Corporation (Lopez Group of Companies)—P157. 95 million
Then called Benpres Holdings, DBP granted the loan in 1996. default started in 2002. The Lopez Group owns ABS-CBN, among Others.
Total — P1.667+ billion
SOURCES:
[1] Cruz, N. "DBP wrote off P1.6B in loans to Lopez group". Inquirer. 07 November 2011. https://goo.gl/E41QP4
[2] Pres. Rodrigo Duterte's speech on the occasion of the Presidential Anti-Corruption Commission's Anniversary. 06 March 2019. Malacañan. https://goo.gl/BTzpLB
[3] GMA News. Gov't closes $447-M sale of water firm Maynilad. 10 January 2007. https://goo.gl/N5i2Le
[4] Inquirer. Gov’t approves Globe takeover of Bayantel. 04 July 2015. https://goo.gl/whavQm
[5] Philstar. Benpres Holdings changes name to Lopez Holdings. 07 May 2010. https://goo.gl/vw2iup
CTTO:
https://m.facebook.com/story.php?story_fbid=1285618314918602
According to Thinking Pinoy, Pres. Rody Duterte said last March 6, 2019 that he will oppose attempts to renew the congressional franchise of Lopez-owned media giant ABS-CBN due to the fact that the company had a huge loans from the DBP.
During the first First Anniversary celebration of the Presidential Anti-Corruption Commission held in Malacañang that ABS-CBN's 25-year congressional franchise expires in 2020 and it needs to be renewed for the media giant to continue TV operations.
The national government revealed that Maynilad owed the government P710.86 million, Bayantel had P591.81 million, Skycable P207.10 million and Lopez Group P157.95 million. All these companies are under the Lopez Group who had unpaid DBP Loans.
Read the Complete Expose of Atty. Gadon & Thinking Pinoy:
PRRD TO OPPOSE ABS-CBN'S CONGRESSIONAL FRANCHISE RENEWAL DUE TO P1.67 BILLION IN UNPAID LOANS FROM GOVERNMENT-OWNED DBP
Citing massive unpaid loans from the Development Bank of the Philippines (DBP), Pres. Rody Duterte on 06 March 2019 said he will oppose attempts to renew the congressional franchise of Lopez-owned media giant ABS-CBN.
PRRD said, "The franchise is up for renewal. You ask if I'll object? Yes, I will object! Unang-una, yung utang nila (sa DBP), tablahin natin yan?"
[TRANSLATION: The franchise is up for renewal. You ask if I'll object? Yes, I will object! First of all, their (DBP) loan, should we just forget about it?]
DBP is a government-owned and -controlled corporation.
PRRD said during the 1st Anniversary celebration of the Presidential Anti-corruption Commission held in Malacañang on 06 March 2019.
ABS-CBN's 25-year congressional franchise expires in 2020 and it needs to be renewed for the media giant to continue TV operations.
TV franchises are given via Republic Acts passed by Congress. PRRD, as the Chief Executive, has the option to veto Republic Acts.
UNPAID PHP 1.67 BILLION LOANS
Here's a list of unpaid loans secured by the Lopez Group:
[A] Maynilad Water Services, Inc.: P710.86 million
Loan granted in 2001 and started to default in 2003. The Lopezes controlled maynilad until 2006. DMCI Homes and MVP's Metro Pacific Investments Corporation took over in 2007.
[B] Bayan Telecommunications, Inc. (BayanTel): P591.81 million
Loan granted in 1995 and started to default in 2001. The Lopezes controlled Bayantel until Globe Telecom started to take over in 2012, with the government finally approving the takeover bid in 2015.
[C] Central CATV Inc. (SKYcable)—P207.10 million
Loan granted in 1997 and started to default in 2001. The Lopezes control Skycable a.k.a. Central CATV Inc up to this day.
[D] Benpres Holdings Corporation (Lopez Group of Companies)—P157. 95 million
Then called Benpres Holdings, DBP granted the loan in 1996. default started in 2002. The Lopez Group owns ABS-CBN, among Others.
Total — P1.667+ billion
SOURCES:
[1] Cruz, N. "DBP wrote off P1.6B in loans to Lopez group". Inquirer. 07 November 2011. https://goo.gl/E41QP4
[2] Pres. Rodrigo Duterte's speech on the occasion of the Presidential Anti-Corruption Commission's Anniversary. 06 March 2019. Malacañan. https://goo.gl/BTzpLB
[3] GMA News. Gov't closes $447-M sale of water firm Maynilad. 10 January 2007. https://goo.gl/N5i2Le
[4] Inquirer. Gov’t approves Globe takeover of Bayantel. 04 July 2015. https://goo.gl/whavQm
[5] Philstar. Benpres Holdings changes name to Lopez Holdings. 07 May 2010. https://goo.gl/vw2iup
CTTO:
https://m.facebook.com/story.php?story_fbid=1285618314918602
Source: Facebook
Atty. Gadon & TP Expose the Lopezes Unpaid DBP Loans Worth P1.67 Billion
Reviewed by Phil Newsome
on
May 30, 2019
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Reviewed by Phil Newsome
on
May 30, 2019
Rating:
