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SOURCE: Press and Public Affairs Bureau


Questionable Loans

17 May 2017 05:58:23 PM

House Speaker Pantaleon D. Alvarez (center, upper photo) and members of the committee on banks and financial intermediaries chaired by Rep. Ben P. Evardone (right, upper photo) question Philippine Deposit Insurance Corporation (PDIC) President Roberto Tan (2nd from left, lower right photo) about the funding support to projects of the National Economic Development Authority (NEDA) such as the Phase 1 of the Metro Manila flood management project and the proposed bus rapid transit (BRT) project. Lawmakers said the NEDA projects have no direct income benefit to the government; are concentrated only in Metro Manila; and the congressional notification was done after the consummation of the projects. The committee (lower left photo) questions a loan issued by the Development Bank of the Philippines (DBP) and Alvarez directing DBP Chairman and former Senator Atty. Alberto Romulo (2nd from right, lower right photo) and DBP President and CEO Cecilia Borromeo (lower right photo) to identify, study and submit all documents pertaining to a 2015 Commission on Audit (COA) finding that three DBP clients were supposedly granted a total of P5.6 billion in loans with so many exceptions, exemptions and deviations from existing credit policies given to the borrowers, which may have been detrimental to the government and caused eventual loss in government funds. (MS/PC/RL/CM)