List of Banks ABS-CBN Owes P27 Billion Loans

In an article published by the Philippine Star, veteran journalist Victor Agustin revealed the whooping P27 loans allegedly made by ABS-CBN to various commercial banks in the country.

According to Agustin there is a good reason other than press freedom that the Makati Business Club has expressed concern about the government's order stopping ABS-CBN from broadcasting because of the facts that the Lopez Network owes around P27 billion to banks controlled by the leading members of the Makati Business Club.

Some of the country's largest commercial banks lent ABS-CBN billions of pesos for working capital requirements and other expenditures.

Here's the List of Banks and the Debts of ABS-CBN:

Bank of the Philippine Islands, which lent ABS-CBN P6 billion in 2018 to refinance an earlier P3.2 billion loan and also to fund the working capital requirements of the country’s largest network.

The seven-year loan bears a 5.75 percent interest, payable quarterly.
The P6 billion loan is on top of another P873 million also lent by the Zobel bank to Sky Cable.

• UnionBank, P5 billion, 10-year-loan extended only in May, with a fixed rate of 6.74 percent. The 2019 facility came after the Aboitiz-controlled bank lent the broadcast network P1.6 billion in 2017, following another loan of P4.75 billion in 2016.

• BDO, P2.76 billion, extended to Sky Cable to refinance loan obligations and to fund capital expenditures. This loan is classified as unsubordinated, meaning the obligation must be repaid before any other form of debt.

• RCBC, P1 billion, also to Sky Cable.
• Philam Life, P1 billion, a facility maturing in 2024.

• Security Bank, P873 million, also maturing in 2024. Of the four business segments of ABS-CBN, only the media networks and studio entertainment division was profitable in 2018, reporting a P2.5 billion net income for the year.

List of Banks ABS-CBN Owes P27 Billion Loans List of Banks ABS-CBN Owes P27 Billion Loans Reviewed by Phil Newsome on May 11, 2020 Rating: 5
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