Gov’t to go after 7 firms indebted to state-run bank, Duterte says

August 30, 2017

President Rodrigo Duterte said on Wednesday the government will go after some seven companies, which are indebted to the state-run Development Bank of the Philippines.

In a speech during the 23rd anniversary celebration of the Technical Education and Skills Development Authority in Taguig City, Duterte said one of those firms was the Lopez-owned Benpres Holdings Corp., now Lopez Holdings Corp.

"I would go after these elites. And I will not name the person, but their company before was Benpres and about six other companies. They are indebted to DBP," Duterte said.

He said those companies borrowed from DBP to finance their businesses and yet they were not able to pay.

"It was condoned by government. That's why when I was reading...I said, 'I will go after the elite in this country because they are the ones really who's benefiting from all of these things'," he said.

The Lopezes also owned ABS-CBN television network, whom Duterte said was critical to his administration.

"They attack strongly. They have the media outlets and all. But they are the ones benefiting from the corruption in government," Duterte said, citing also what happened to Mile Long.

The Duterte administration recovered from Sunvar Realty Corp., owned by the Rufino-Prieto family, also publisher of the Philippine Daily Inquirer, Mile Long, a property in Makati City.

Duterte also considers Inquirer as critical to his government.

"I've been telling everybody, if you are squatting on government property, please return it on time to me. Because there is a law, it's called economic sabotage and, if your act or your act fits into that law, you can be very sure that I will file a case against you," he said.

He noted that economic sabotage is not bailable.

"And you will rot there (in jail) for the time that I am president or even thereafter," he added. Celerina Monte/DMS