Lopez Holdings says no unpaid debt with gov't banks


Posted at Aug 31 2017 04:22 PM

MANILA - Lopez Holdings Corp said Thursday it did not have unpaid debts with the Development Bank of the Philippines or any government institution.

The holding firm, formerly called Benpres, said President Rodrigo Duterte might have been referring to debt papers that DBP sold to a special purpose vehicle, a financial entity that manages debt.

"Lopez Holdings Corp does not have any unpaid obligations to the Development Bank of the Philippines or other government financial institutions," the company said in a statement.

"All debt papers, including those sold by DBP to the SPV were eventually settled by the company," it said.

Duterte, in a speech last Aug. 30, singled out Benpres as among 6 businesses that don't pay back government. The President said Benpres owed DBP.

"Pera ng tao, gagamitin nila to finance their business pero kanila 'yung kita," the President said.

(They use the people's money to finance their business, yet the profit goes to them.)

Authorities earlier this month evicted tenants of Sunvar at the Mile Long commercial compound in Makati City after the President accused its owners, the Prieto and Rufino families, of not paying billions in taxes.

The 2 families also agreed to sell their controlling stake in the Philippine Daily Inquirer to Duterte's supporter, San Miguel Corp President Ramon Ang.

ABS-CBN Corp is among companies under the Lopez Group. News.abs-cbn.com is the official news website of ABS-CBN.