Lawmakers on Thursday said that the Congress should look into reports that the Development Bank of the Philippines (DBP) wrote off debts owed

by four Lopez-owned corporations that caused government losses of P1.67 billion.

Representative Romero Federico Quimbo of Marikina City said that current DBP board should allow investigation on the loans made by the Maynilad Water, Bayantel, Central CATV Inc. and Benpres Holdings—all owned by Lopez clan to show that it is not engaged in any witch hunt.

“The current DBP board must prove that it does not engage in witch hunt. It should look into other transactions that are tainted with anomalies and report them to investigating agencies,” Quimbo said.

For his part, Representative Neri Colmenares of Bayan Muna partylist said that the issue merits a congressional probe, noting that the DBP waived off the debts while other corporations formerly controlled by the Lopez group, particularly the Manila Electric Company (Meralco), have been reporting billions of pesos in profits.

“This is shocking and at least merits a congressional investigation,” Colmenares said.

While many Meralco consumers were suffering from exorbitant power rates, its owners then were enjoying tremendous debt write-offs,” Colmenares added.

The two made the statements as the Senate resume inquiry on the so-called “behest loans” allegedly extended to businessman Roberto Ongpin next week.

Further, Colmenares said Congress should revisit the mandate of the DBP because the huge loans it granted to large private corporations are taxpayers’ money.

He said the DBP’s primary duty is to provide banking services mainly to micro, small and medium-scale enterprises (MSMEs).

“Malaki ang problema sa credit ng MSMEs habang kaliwa’t kanan ang bail out ng DBP,” Colmenares pointed out. “The Senate probe on the supposed Ongpin behest deal should continue but we may also look into this case (Lopez loans) and see the full extent of the anomalies in DBP.”

Reports citing DBP documents stated that the written-off loans were on Maynilad Water (P710.86 million); Bayantel (P591.81 million); Central CATV Inc. (P207.10 million); and Benpres Holdings (P157.95 million); amounting to P1.667 billion.