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House Blue Ribbon looks into DBP condoned loans

Francis Wakefield



The House Committee on Good Government and Public Accountability, chaired by DIWA Partylist Rep. Michael Edgar Aglipay, on Monday started a review on the policies and guidelines of the Development Bank of the Philippines (DBP) with a probe centered on the condoned loans of companies owned by the Lopez Group of Companies.

House Resolution 1040 paved the way for an inquiry after the issue was overtaken by the ABS-CBN franchise debates last year. The Lopez family owns the media company.

Aglipay underscored that the hearing forms part of their fight against corruption in government in line with the platform and policies set by the national government.

“Today, we began our journey towards the attainment of truth and justice, in line with our fight against corruption, with the successful holding of the first meeting of the House Committee on Good Government and Public Accountability, better known as the House Blue Ribbon Committee, under my Chairmanship,” Aglipay said.

“The sole agenda in today’s meeting was House Resolution (HR) 1040 on the alleged loan condonation or write-off made by the DBP in favor of companies controlled by or affiliated with the Lopez Group of Companies. I reiterate that, while this Resolution was filed during the ABS-CBN franchise hearings, this Committee did not solely look into the subject condonation that allegedly benefitted a single corporate conglomerate. Rather, the House Blue-Ribbon Committee sought for the review of the policies and guidelines of DBP to ensure that these are acts sanctioned by law,” he added.

Present during the hearing via zoom videoconference were DBP president and CEO Mr. Emmanuel Herbosa, and Lopez Holdings Corp. president/COO/chief finance officer Mr. Salvador Tirona.

DUMPER PTDA Partylist Rep. Claudine Diana Bautista, principal author of HR 1040, cited that the loans allegedly condoned by the DBP is at about P1.6 billion.

It is, however, feared that most of the documents related to the 2006 condonation of the Lopez company loans had been destroyed due to a policy to erase records of more than 10 years.