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Dumper Rep. Bautista saddened by wedding controversy

Dumper Rep. Bautista saddened by wedding controversy
sunstar.com.ph - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sunstar.com.ph Daily Mail and Mail on Sunday newspapers.

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Lower House expands 'bad loans' probe to cover firms blamed for P5.7-B DBP losses

Published February 17, 2021, 5:10 PM
The House of Representatives investigation into the “bad loans” of owners of the ABS-CBN network with the Development Bank of the Philippines has been expanded to include similar loan issues totaling P9.55 billion that led to huge losses to the state-owned bank.
(MANILA BULLETIN FILE PHOTO)
Members of the House Committee on Good Government and Public Accountability unanimously adopted a motion for the inclusion in the on-going inquiry “bad loans” that the DBP sold to special purpose vehicles or financial companies at a loss in 2006.
The House panel also agreed to a motion made by Anakalusugan Rep. Michael Defensor for the issuance of a subpoena that will compel the DBP board and management to submit the list of private companies that failed to pay loans extended by the bank. ....

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Solons seeks suspension of amusement tax for 2 years

(Photo by Jewel SAMAD / AFP / MANILA BULLETIN)
Pangasinan Rep. Christopher de Venecia, chairman of the House Committee on Creative Industry and Performing Arts, filed House Bill No. 8428 or the proposed Film and Live Events Recovery Act to amend Section 140 (a) of Republic Act No. 7160, otherwise known as the Local Government Code of 1991 as amended by RA No. 9640.
“While both the live events and movie industries employ around 760,000 workers, and generate no less than P100 billion per annum for the national economy, with local governments taking a piece of that pie, it is important to evaluate the amusement tax in light of COVID-19,” he said. ....

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DBP denies writing off ₱1.6B loans to benefit Lopez Group

endIndex:
Metro Manila (CNN Philippines, January 18) The Development Bank of the Philippines did not give the Lopez Group of Companies a free pass from its soured ₱1.6 billion loans in the early 2000s.
Dumper PTDA Party-list Rep. Claudine Diana Bautista, who asked for the House inquiry, said the write-off cost the Filipino people s money.
However, the state-owned bank denied writing off the unpaid loans of the Lopez family for its current and former subsidiaries Benpres Holdings, Bayan Telecommunications, Maynilad Water, and Central CATV (also known as SkyCable) when it sold these debts in an asset sale in 2006.
DBP President Emmanuel Herbosa said the non-performing debts – or those which are behind amortizations for over 180 days – were sold to Lehman Brothers Asia Limited on October 16, 2006, which comes years after the 1997 Asia Financial Crisis and precedes the Global Financial Crisis from 2007 to 2009. ....

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House panel asks DBP, Lopez Group to submit loan agreement docs on alleged condonation or write-off

Published January 18, 2021, 1:25 PM
The House Committee on Good Government and Public Accountability on Monday asked the Development Bank of the Philippines (DPB) and the Lopez Group of companies to submit within one month the copies of loan agreements and all relevant documents regarding the alleged condonation or write-off.
(MANILA BULLETIN FILE PHOTO)
The House panel, chaired by DIWA partylist Rep. Michael Edgar Aglipay, gave in to the request of DUMPTER PTDA partylist Rep. Claudine Diana Bautista to ask the concerned camps to submit all the relevant documents, including a copy of the corporate rehabilitation plan.
“I manifest that we can request a position paper or any document coming from SPV (Special Purpose Vehicle) Group and we can study their documents for the next hearing regarding this matter and also the contracts with the DBP covering the loans of Lopez Group,” Bautista said. ....

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