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The loan letter

The Board of Development Bank of the Philippines (DBP) in October last year received a report from the bank COO, Eduardo Garcia, detailing the P5.4 billion in loan write-offs of the bank from 2004 to 2009.

From what I gathered, DBP president and CEO Francisco del Rosario Jr. asked for the detailed report, showing the companies that benefited from the DBP write-offs, including the exact amount of the loans.

So far the DBP board has no action related to the report.

It showed that 17 companies accounted for almost half of the P5.4 billion write-offs. Among them were well-known companies in the Lopez group, such as Bayan Telecoms (P591 million), Maynilad Water (P710 million) and Benpres Holdings (P157 million).

We received a letter from Salvador Tirona, president of Lopez Holdings Corp., which used to be Benpres Holdings, saying that our piece on November 7 (entitled “The loan arranger”) “may have misled your readers into thinking that the Lopez Group received special favors from the DBP.”

Following is the rest of it:

“Contrary to your impression that our companies enjoyed loan write-off bonanza,” there was nothing enjoyable about debt restructuring negotiations and court-assisted financial rehabilitation that our companies underwent in order to resolve the various issues with creditors.

“Lopez Holdings Corp. and its member companies invested heavily to provide basic infrastructure and services such as water distribution, telecom and cable to our fellow Filipinos. Our debt went into real businesses intended to support the country’s development in the context of deregulation and privatization. It is unfortunate that our businesses suffered economic losses partly due to the Asian financial crisis of 1997 but mainly due to the hostile regulatory regime prevailing at that time. Nonetheless, we treated our creditors fairly as we took the greatest share of the pain. Recall that Maynilad and Bayan’s debt issues were resolved by the mandate of separate rehabilitation courts.

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