(Eagle News) – President Rodrigo Duterte said that the government will next go after the holding company, Benpres Holdings which is now renamed as Lopez Holdings Corporation of the Lopez family – owner of the media network ABS-CBN corporation — because of their alleged unpaid debts to the Development Bank of the Philippines (DBP).
The President said this during the 23rd anniversary of the Technical Education and Skills Development Authority (TESDA) on Wednesday, August 30.
“I will go after itong mga elite. And I will not name the person, but ‘yung mga company nila noon — Benpres and about six other companies — may utang sila sa DBP,” he said.
Duterte, however, did not mention the amount of the Lopez holdings’ debt to the DBP, but said that it was condoned by the government before.
“Ang utang nila, umabot ng… to finance this… pera ng tao, gagamitin nila to finance their business pero kanila ‘yung kita,” he said.
“And yet, they were not able to pay and it was condoned by government. Kaya noong binabasa ko ‘yung… sabi ko, ‘I will go after the elite in this country because they are the ones really who’s benefiting from all of these things,'” he added.
According to the Lopez Holdings Corporation website, it was formerly known as Benpres Holdings Corporation which was incorporated in 1993 by the Lopez family.
It was incorporated “to serve as the holding company for investments in major development sectors such as broadcasting and cable; telecommunications; power generation and distribution; and banking. It added to its portfolio, investments in other basic service sectors but has since sold its direct interest in banking, toll roads, information technology, property development, cable and health care delivery.”
“Through publicly listed First Philippine Holdings Corporation (FPH), Lopez Holdings maintains interests in energy, real estate, manufacturing, construction and energy services. FPH is the controlling shareholder of publicly listed First Gen Corporation (FGEN), the country’s leading clean and renewable energy producer, with power plants that use geothermal, hydro, and natural gas for fuel. FGEN manages the world’s largest integrated geothermal power producer, publicly listed Energy Development Corporation,” it added.
Lopez patriarch, Oscar M. Lopez, 87, is the chairman emeritus and executive director of Lopez Holdings Corporation. He chaired the company’s board from June 8, 1993 until June 2010, when he was elected as chairman emeritus.
His brother, Ambassador Manuel Lopez, serves as its chairman and Chief Executive Officer, as well as executive director, while Eugenio “Gabby” Lopez III, chairman of ABS-CBN Corporation, serves as the Lopez Holding firm’s vice-chairman and is also an executive director.
(Eagle News Service)