The Development Bank of the Philippines officially disaffirmed accusations that ABS-CBN and its subsidiaries have unpaid debts.
When ABS-CBN franchise renewal talks circulated, President Rodrigo Duterte reiterated that he will not allow the network to broadcast unless it will settle its unpaid taxes or debts.
In support of this, Presidential spokesperson Harry Roque even presented a matrix containing the alleged unpaid loans of the Lopez firms to DBP.
It also showed ABS-CBN’s transactions with DBP and Lehman Brothers SPV.
However, all of these claims were disaffirmed by a DBP official who certified that ABS-CBN and its subsidiaries have no existing obligations from the state-owned bank.
During the Wednesday hearing at the House of Representatives, Rep. Mike Defensor, a Duterte ally, reiterated the Lopez firms’ alleged debts from DBP.
“Sinasabi niya walang write off, walang condonation (He said there was no write-off, no condonation?” Defensor asked DBP Chief Legal Counsel Soraya Adiong in reference to DBP President Emmanuel Herbosa’s earlier statement.
Adiong then confirmed, “There was none, Sir.”
These confirmations agree with Lopez Holdings and Maynilad’s, a former subsidiary, claims that they already cleared up their transaction with the Lehman Brothers who closed the deal with DBP’s non-performing loans, made possible by the Special Purpose Vehicle Act (SPV).
When these non-performing loans are sold, the buyer now becomes the lender.
SPV law is passed to save banks from the Asian Financial Crisis allowing them to clear non-performing loans and assets to continue giving loans to businesses and consumers.
DBP then assured that the its disposal of non-performing loans and assets are all legal.
ABS-CBN subsidiary SKY Cable and former unit Maynilad, also assert that they have fully settled their debts.
Lopez Holdings president Salvador Tirona also disaffirmed Roque’s claim of the alleged ABS-CBN’s re-acquisition of bad loans.
“After that, we negotiated with the SPV together with the other creditors of our different companies and settled our loans with the SPV and the other banks. There was really no repurchase by the Lopezes of what they termed as the assets. It’s a settlement of the loans with the new holder of the loans that came from DBP,” Tirona said.
Ever since the franchise hearing, there were already accusations regarding ABS-CBN’s debts and unpaid taxes however, none of those were proven. Concerned regulatory agencies also cleared ABS-CBN from all charges but Congress still decided to reject its franchise.
