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Tuesday, November 15, 2011

LOPEZ GROUP'S P1.6 BILLION DBP LOAN SCANDAL INTENSIFIES!

The Senate is currently investigating behest loans granted by the Development Bank of the Philippines (DBP), and so far the loans to former Trade Minister Roberto Ongpin are at the center of the sights of the investigators. I have been watching the hearings, waiting for the disclosure of the DBP loans granted—and written off—to the Lopez family. But every time the questioning heads in that direction, a senator related to the Lopezes steers the discussion in another direction.

Why the Lopez family? Because the loans granted, and written off by the DBP, to various corporations belonging to the Lopez group amount to more than P1.6 billion! In short, the government lost P1.6 billion to the group. Yet corporations formerly belonging to the group, particularly Meralco, have been reporting billions of pesos in profits.

Here is a list of these written-off loans as reflected in DBP documents:
Maynilad Water—P710.86 million
Bayantel—P591.81 million
Central CATV Inc.—P207.10 million
Benpres Holdings—P157. 95 million
Total—P1.667+ billion

All these corporations belong to, or used to belong to the Lopez group. Benpres Holdings, for example, is still operating, but the DBP has already written off loans given to it.
 
It does not mean, however, that only the Lopez group has non-performing loans (NPLs) written off by the DBP. Other big companies have also gotten away by not paying their loans to the DBP. I will reveal their names in future columns when the documentation is complete.

How did all these come about?
In December 2002, the Special Purpose Vehicle (SPV) Law was passed to assist banks in unloading their portfolio of non-performing assets (NPAs)—NPLs and Real and Other Properties Acquired (ROPAs)—with greater flexibility at a faster pace.

The SPV Law provided fiscal incentives from the transfer of banks’ NPAs to SPVs. Some of the banks which immediately took advantage of the SPVs were: Bank of the Philippine Islands (BPI)—P8.6 billion; Rizal Commercial Banking Corp. (RCBC)—P3.9 billion. DBP did not unload its NPAs to SPVs until late 2006 when it offered to sell its NPAs with a total value of P9.56 billion.
Of the total bulk sale of P9.56 billion (involving 634 NPLs and 2,019 ROPAs), the following four major accounts (with an aggregate book value of P1.67 billion) were companies that were part of the Lopez group. These four major entities accounted for 17.5 percent of the total NPLs sold. The write-off suffered by the DBP on the Lopez group alone was P1.6 billion.

They were:
1. Maynilad Water—Facility approved and granted in 2000 and started to default in 2003. It filed with the Regional Trial Court of Quezon City a petition for rehabilitation with suspension of payments on Nov. 13, 2003 and thereafter stopped paying interest. Capital deficit was P5.2 billion. File shows that Benpres Holdings owns 59.1 percent of Maynilad; Ondeo Services Inc., 20 percent; Lyonnaise Asia Water Ltd., 20 percent. Original credit accommodation was a one-year bridge finance for P1 billion in September 2001.
Written-off amount: P710.86 million.
2. Bayan Telecommunications Inc.—Facility was granted on Dec. 11, 1995 and became past due on Sept. 30, 2001. The outstanding balance then was $11.2 million.
The account was then under litigation. The rehabilitation plan under the petition for rehabilitation was approved in 2004 and was for Tranche A and payable over a 10-year period with interest at 3 percent.
Written-off amount: P591.81 million.
3. Central CATV Inc.—The loan was approved in 1997 and became past due in 2001.
The account was restructured in June 2004 for a seven-year tenor, inclusive of a two-year grace period on principal repayment. The borrower was in default of its obligations to maintain the required service cover ratio.

The borrower sent feelers for a second restructuring plan.
Written-off amount: P207.10 million.

4. Benpres Holdings—The loan was approved in 1996 and went past due in 2002. Benpres stopped paying amortizations in May 2002 and negotiations with creditors worsened in 2003 as Maynilad deteriorated.
Benpres paper was being traded in the secondary market at a major discount, which made it difficult for the company to bring all creditors under one restructuring agreement.
Written-off amount: P157.95 million.
In a report to the DBP Board of Directors on Oct. 11, 2010, chief operating officer Edgardo F. Garcia said that write-offs from 2004 to 2009 amounted to P5.391 billion.

“Of this amount, P4.850 billion, or 90 percent, is due to the disposal of ROPAs and NPLs through an SPV in 2006 to avail of tax and other benefits of the SPV Law,” reported Garcia.

“The bulk sale of the ROPAs and NPLs was not fully consummated because of the closure of Lehman Bros. Some of the assets were returned to the bank, and P750 million of losses was reversed and booked as part of income in 2008.

“With Lehman Bros. declaring bankruptcy in 2008, the bank also decided to quickly dispose of the Lehman-issued CLNs worth $80 million, and registered a trading loss of P3.069 billion. The loss was charged to operations in 2008. The balance of $10 million of the Lehman-issued CLNs was sold in March 2010 with a net profit of P58.15 million. Including the interest income of P451.97 million earned on Lehman’s CLNs, net losses on the Lehman investment is P2.594 billion.”
INQUIRER

32 comments:

Anonymous said...

Utang Patrollers LABAS!!!
LOL!

Anonymous said...

nag-iisip na ang mga kapuso kung paano 'to ididikit sa ABS as TV Station...

yes said...

OO nman...ididikit tlga ng MGA tga GMA un essue Nyan s ABS para may sabihen lng....heheheheh.....hay nko buhay...utng utng lng yan...

Anonymous said...

im sure tangatangahan na naman ung mga kanguso, hintay na lang natin unh comment nila.

Anonymous said...

Yan ang ABS-CBN, BUWAYA!!!

yes said...

OO nman BUWAYA s RATING...
BUWAYA...s laki ng KITa ng network...yan tlga un ABS...buwaya..

Anonymous said...

Kahit Anong Utang pa Yan wala kaming Paki. Basta manunuod kami ng mga shows gusto namin at sa ABS-CBN lang yun! No.1 parin Kapamilya and TFC no matter what. Go ABS-CBN kaya nyo yan :-)

LONG said...

BWAHAHAHAHAHA INUTANG NI LOPEZ PARA PAMBAYAD SA UTANG NG NABUBULOK NIYANG ISTASYON PWEEEE!!!

Anonymous said...

ahahaha...bitter na naman ang kapusong si long....

hindi kasama sa LOPEZ GROUP ANG ABS-CBN 2 NETWORK...BINANGGIT NA NGA SA TAAS ANG MGA KASAMA DI BA...

AT ITO AY KAY OSCAR LOPEZ I BELIEVE...

sus...baka gma ang nabubulok hahaha...dahil sa kabila ng press and praise release na no.1 sila ayun talo sa ads...

NAKAKAHIYA...

Anonymous said...

BAKA GMA 7 ANG NABUBULOK KAYA AYON...

RIGUDON ANG GMA SA PRIMETIME...

HINDI KINAYA NI AMAYA POWERS NI BUDOY KAYA INILIPAT NG ORAS....


TALUNAN ANG GMA 7....

baracuda.... said...

ang ganda talaga ng iglot....super ganda! kaya ayun tinapos na ang 100 days to hell di kinaya ang iglot. i love you claudine!!

Anonymous said...

IGLOT ANG TINAPOS AGAD HAHAHA...PATI NGA TIME OF MY LIFE KASAMA SA TATAPUSIN E....

talunan kasi talaga sa primetime ang gma kaya mas mataas ang kita ng dos...

Anonymous said...

ang inquirer....maka gma 7 yan eh....

eh inquirer pa la nglabas nito eh...ano yan? para mtakpan na talunan ang gma 7 sa neto ng taong 2011?

hahahahah....mdyo napaghahalata ah....

Anonymous said...

BAKIT TINAPOS AGAD ANG IGLOT?
BAKIT TATAPUSIN AGAD ANG TIME OF MY LIFE?

BAKIT INILIPAT NG TIME SLOT ANG AMAYA?

eh kasi ang totoo hindi talaga nagrerate.......

SUS!!!! LINLANGIN PA BA ANG MGA TELEVIEWERS?

NI HINDI NGA KAYO NGTTRENDING SA TWITTER.....MGA KAPUSO TALUNAN

yes said...

OH san n UN SURVIVOR nyooooooo...
walNG balita AH...bwaahhhhhhhh.

Anonymous said...

utang utang utang utang,,cege lopez mangutang ka...bwhahaha

Anonymous said...

Blogger yes said...

OO nman...ididikit tlga ng MGA tga GMA un essue Nyan s ABS para may sabihen lng....heheheheh.....hay nko buhay...utng utng lng yan...

November 15, 2011 1:07 PM

_______

Kaloka ka teh iyong Central CATV Inc now KNOWN as SKY CABLE. Lagi iyang kasali sa income ng ABS CBN.


BOBO ka teh.

Palugi na teh READY na si MANNY PANGILINAN na bilhin ang ABS CBN.

Anonymous said...

BAKIT TINAPOS AGAD ANG IGLOT?
BAKIT TATAPUSIN AGAD ANG TIME OF MY LIFE?

BAKIT INILIPAT NG TIME SLOT ANG AMAYA?

eh kasi ang totoo hindi talaga nagrerate.......

SUS!!!! LINLANGIN PA BA ANG MGA TELEVIEWERS?

NI HINDI NGA KAYO NGTTRENDING SA TWITTER.....MGA KAPUSO TALUNAN

November 15, 2011 1:50 PM
Blogger yes said...

OH san n UN SURVIVOR nyooooooo...
walNG balita AH...bwaahhhhhhhh.

November 15, 2011 2:34 PM

______

Kumusta naman iyang PBB mukhang may lamay sa loob ng bahay ni ATE.

Nag trending worldwide pero 2 -3 commercial per gap lang ANG pbb NYO. MINUS COLOGATE-PALMOLIVE pa iyan ha kc may UNLIMITED COMMERCIAL agreement sila sa ABS.

Anonymous said...

^
ang tanga mo den no?

eh ano kung unlimited agreement sila?

ang importante kung saan naniniwala ang advertiser, bobo ka den eh

Anonymous said...

LONG said... BWAHAHAHAHAHA INUTANG NI LOPEZ PARA PAMBAYAD SA UTANG NG NABUBULOK NIYANG ISTASYON PWEEEE!!!

%_______


tanga ka den no? may nabasa kang pinangbayad sa utang ng abs?

mga kanguso nga naman utak alamang

bagay tagala sa inu yan

Anonymous said...

Kaloka ka teh iyong Central CATV Inc now KNOWN as SKY CABLE. Lagi iyang kasali sa income ng ABS CBN. BOBO ka teh. Palugi na teh READY na si MANNY PANGILINAN na bilhin ang ABS CBN.

_________

bobo ka den no? san naman ipapasok ang kita ng skycble? sau? haha... wag katangahan ang pinapairal ah...

lugi na ba ang 2.2 B? kung lugi na sa inu ehdi mas super lugi ng 1.5B ng gmeww.... bobo nu talaga

total asset ng abs nasa 44B na gme wala pa s kalahati ng abs, yan ang kayang kaya bilhin ni manny,

Anonymous said...

ahahaha....

baka yung gma ang nabubulok at lugi...

KAYA NGA TINAPOS AGAD ANG IGLOT AT TIME OF MY LIFE..

AT PATI AMAYA INILIPAT NG TIME SLOT...

kasi wala talagang ganong nanonood at walang commercials na pumapasok kaya tinapos.

Anonymous said...

gma rigudon na ng palabas hahahah...

LIPAT-LIPAT NG TIME SLOT SIGE...HAHAHAH...

LALO NA PAG PASOK NG TLENOVELA NI XYRIEL AT NI SANTINO......

Anonymous said...

NATATAKOT AKO BAKA SA SUSUNOD LUMABAS ANG ISSUE NA GANITO..GMA 7 NANGUTANG PARA PAMBILI SA NOODLES NI LONG...BWA HAH HA HAHA...KUMUSTA LONG D KA PA BA NAGSASAWA SA NOODLES? MAGPA -UPGRADE KA NAMAN...KASI UTAK NOODLES KA NA EH...PILIPIT NA GAYA NG STRAND NG NOODLES..

Anonymous said...

parang linggo linggo nalang naiiba line ng kanoodles ah.

kanoodles ang #3

LONG said...

KUMUSTA NAMAN ANG LOPEZ GROUP NA SYANG NAGMAMAY-ARI NG NETWORK?


SABI KO NA NGA BA EH HINDI LANG ANG NABUBULOK NA ISTASYON NILA ANG PAPALUBOG PATI ANG IBANG COMPANIES NILA.

FROM MERALCO SOLD TO PANGILINAN HINDI MALAYONG IBEBENTA NA RIN NILA YAN SA KANYA.


NAKAKADIRING SCANDAL!

KARMA'S A BITCH!


BWAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!

Anonymous said...

PHILIPPINE STOCK EXCHANGE UPDATE: 3rd Quarter Report.

Consolidated Advertising Revenues: GMA Network 16% UP (Abs-Cbn21% DOWN)

International (GMA) 3% UP. Global (ABS) 11% DOWN

Interest Bearing Loans GMA: ZERO; ABS-CBN 12.6 Billions.

MUHABOY said...

LOPEZ HOLDINGS is the Flagship Holding Company of all businesses of the LOPEZ GROUP...
-------------------------------------
Lopez Holdings 9M attributable net income at P4.096 billion
Date Posted: November 14, 2011

The successful tender offer of Lopez Holdings Corporation (PSE: LPZ) in August 2011 for some US million in un-restructured debt cushioned the impact of relatively weaker financial results of investees for 9M2011. LPZ recorded P2.1 billion as reversal of accrued interest on debt, following the acceptance of tenders for 82% of the targeted amount.

LPZ posted P4.096 billion in net income attributable to equity holders of the Parent for the first nine months of 2011. This is 69% lower than the P13.035 billion net income attributable to equity holders of the Parent in the first nine months of 2010. The 9M2010 results include LPZ’s share in the gain on sale of Meralco (PSE: MER) shares by associate First Philippine Holdings Corporation (PSE: FPH).

Unaudited consolidated revenues decreased by 15% year-on-year to P21.125 billion from P24.742 billion, on account of lower 9M2011 results for ABS-CBN Corporation (PSE: ABS), absent election-related advertising in 1H2010. The attributable net income of ABS for 9M2011 was 26% lower YoY at P2.240 billion, inclusive of a P825 million gain on sale of SkyCable Philippine Depositary Receipts.

LPZ declared a P0.10 per share cash dividend in September 2011.

“With the success of our tender offer, LPZ looks forward to normal operations and should be better able to provide support to investees in the coming years,” said Lopez Holdings president Salvador G. Tirona.
-----------------------------------
TO all the companies under LOPEZ GROUP mentioned in the senate hearings, ABS-CBN. CATV or SKY CABLE was the only one associated with ABS-CBn but on those years SKY CABLE is owned by benpres and not by ABS-CBN.. It was 2009 when SKYCABLE was part of ABS-CBN's portfolio...

Yung mga written off debts was normal that time because if you can remember nung 1997 nagkaroon ng asian financial crisis at halos lahat ng companya ng lopez ay apektado maliban sa ABS-CBN nag kung naapektuhan man ay minimal lang. BAYANTEL ang worst affected at may balak rin ang LOPEZ GROUP na i-consolidate ito sa ABS-CBN portfolio gaya ng ginawa nila sa SKYCABLE para yung utang ng bayantel ay malipat sa ABS-CBN. ABS-CBn is actually the life saver of the LOPEZ GROUP. ABS-CBN helped the Group cope up with debts and now LOPEZ HOLDINGS is back on normal operations...

MUHABOY said...

Matapos ang isang dekada Debt Free na ngayon ang LOPEZ HOLDINGS at nakapag declare na ulit ng dividend...

All their Investees are in Sound Financial Position except BAYANTEL which is still under rehabilitation plan.

ABS-CBN CORPORATION
SKYCABLE
FIRST PHILIPPINE HOLDINGS
FIRST GEN CORP
FIRST GAS CORP
ENERGY DEVELOPMENT CORP.
ROCKWELL LAND CORP
FIRST BALFOUR INC.(FBI)
FIRST PHILIPPINE INDUSTRIAL CORP.(FPIC)
FIRST PHILEC CORP.(FPC),
FIRST PHIlEC SOLAR CORP.(FPSC)
FIRST ELECTRO DYNAMIC CORP.(FEDCOR),
FIRST PHILIPPINE INDUSTRIAL PARK.(FPIP),
First Philippine Power Systems, Inc.(FPPS),
First Philippine Realty Corp.(FPRC),
-----------------------------------

LONG said...

NAKAKADIRING SCANDAL!!!

DAMING KALOKOHAN NA GINAGAWA!

BWAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!

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