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House to look into condoned Lopez loans



The House of Representatives has invited the Development Bank of the Philippines (DBP) to its next hearing on the ABS-CBN franchise.

This after DUMPER PTDA Partylist Rep. Claudine Diana Bautista during the hearing on Monday said that the House should find out if the Lopez firms unjustly benefited from the loans condoned by the Development Bank of the Philippines (DBP) “to the prejudice of the government.”

According to Bautista, based on the document submitted by ABS-CBN and the presentation the firm made on Philippine Depositary Receipt (PDR), it appears that Lopez Inc. and Lopez Holdings Corp. both holds substantial shares and interest in ABS-CBN Corp.

“I have come to learn that Lopez Holdings Corp. which was given rights over a considerable number of ABS-CBN Corporation shares benefitted from a large condonation or write off by the DBP along with other companies controlled by the Lopez company,” she added.

She claimed that the loans amounted to P1.6 billion.

After her manifestation, Bautista made a motion to invite DBP representatives in the next hearing. She also moved to include the matter she has raised among the topics that should be discussed in next hearings.

Her motion, seconded by Anakalusugan Rep. Michael Defensor was approved.

President Rodrigo Duterte in a speech in September 2019 slammed Lopez group for the alleged DBP loans that were written off a decade ago.

“The Lopez Group of Companies never paid a single centavo. It was condoned by the government. Who condoned it, who authorized it, I really don’t know, but maybe one of these days, I’ll start to dig in,” Duterte said.

According to reports, the loans to Lopez companies were written off in 2006.