Duterte warns firms that owns ABS-CBN over unpaid DBP loans

President Rodrigo Duterte says he’s cracking down on ‘elites’ who take advantage of corruption in government. During a speech on Wednesday, August 30 he is going after corporations who have unpaid loans to the government-run Development Bank of the Philippines (DBP). “I will go after itong mga elite and I will not name the person but yung mga company nila noon Benpres and about six others companies may utang sila sa DBP at ang utang nila, umabot ng… to finance this… pera ng tao, gagamitin nila to finance their business pero kanila ‘yung kita,” Duterte stated during the 23rd anniversary of the Technical Education and Skills Development Authority.

And yet, they were not able to pay and it was condoned by government. Kaya noong binabasa ko’ yung… sabi ko, I will go after the elite in this country because they are ones really who’s benefiting from all these things,” he added.He named Benpres Holdings Corporation, now known as Lopez Holdings Corporation, as being among the companies which owe money to the government-owned (DBP).

The DBP had granted millions of pesos worth loans to Benpres and other Lopez-owned companies but eventually these were written off. According to Inquirer opinion piece, companies that belonged to the Lopez Group were given a total of P1.6 billion worth of loans. The Lopez Family also owns broadcast giant ABS-CBN, which Duterte has accused of biased reporting. “Malakas yan silang mag atake, they have the media outlets and all. But sila talaga yung nakikinabang sa corruption ng gobyerno” the President said. “They refuse to pay the right taxes. They refuse to settle their debts,” he added. He previously threatened to file estafa charges against ABS-CBN for supposedly not airing his political advertisements in 2016 when his camp had already paid for them. He also accused them of being biased in their reporting.Aside from ABS-CBN, one of the largest media conglomerate in the country our President also mentioned the Philippine Daily Inquirer, previously owned by the Prieto-Rufino family until it was sold to SMC’S Ramon Ang. The popularist president promised his audience he would crack down on the wealthy that skirt laws.

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