Duterte vows to go after Lopezes next

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President Rodrigo Duterte has vowed to go after Lopez Holdings Corp. over alleged unpaid loans granted to it by state-run Development Bank of the Philippines (DBP).

The President made the statement in his speech during the anniversary of the Technical Education and Skills Development Authority in Taguig City on Wednesday.

Based on its company profile posted on its website, Lopez Holdings Corp. (formerly Benpres Holdings
Corporation) “was incorporated in 1993 by the Lopez family to serve as the holding company for investments in broadcasting and cable; telecommunications; power generation and distribution; and banking.”

The company has “interests in energy, real estate, manufacturing, construction and energy services.”


“I’ll [go]after these elites. I will not name the person, but their former company, Benpres and about six other companies,” Duterte said.

“They have loans with DBP,” he added.

From 2011 to early 2012, the Senate Blue Ribbon Committee investigated the alleged P660 million worth of behest loans granted by the DBP to businessman and former Trade Minister Roberto Ongpin.

Ongpin has denied that his companies secured behest loans from DBP and challenged the Senate back then to investigate the DBP for writing off P1.6 billion worth of loans granted to Lopez Group of Companies, including Benpres Holdings which P157 million worth of DBP loans that were written off.

Lopez Holdings Corp. is the parent company of First Philippine Holdings and broadcasting giant ABS-CBN.
Lopez Holdings Chairman Emeritus is the 87-year-old Oscar Lopez, while Manuel Lopez serves as its Chairman
and Chief Executive Officer.

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