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Duterte to investigate Lopez firms’ unpaid debt with DBP: Why do you have to give away money to people who are rich?

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By Prince Golez

President Rodrigo Duterte again slammed the Lopez family for not paying their loans to the Development Bank of the Philippines (DBP).

“Lopez Group of Companies. Pagkatapos ni Marcos, they borrowed money sa DBP. Kaya ang DBP gumanun eh. Ang tagal na-rehabilitate, humina,” Duterte said in a speech delivered in Malacañang Tuesday.

According to the President, not a single centavo was paid by the Lopez-owned companies.

“It was condoned by the government. Who condoned it? Who authorized it? I really do not know. But maybe one of these days, I’ll start to dig. Why do you have to give away money to people who are rich? Tapos mag-publish ng mga newspaper with all their protestations and all their grievances for the poor and for… It’s hypocrisy,” he added.

To recall, the DBP in 2006 granted behest loans amounting to around P1.6 billion to several companies belonging to the Lopez family.

These are Maynilad Water (P710.86 million), Bayantel (P591.81 million), Central CATV Inc. (P207.10 million), and Benpres Holdings (P157. 95 million).

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