Senator proposes loan ‘blockade’ at government banks
Sunday, November 20, 2011
SENATOR Ralph Recto called Sunday for a loan “blockade” to keep large private companies from borrowing money from state-owned banks, saying the money in those banks should be lent to entrepreneurs instead.
The Senate has been holding hearings on at least P660 million that the Development Bank of the Philippines lent to companies owned by investment banker and former Marcos trade minister Roberto Ongpin.
“If we put up a loan blockade on big corporate players or at least put a cap on how much state banks could lend to them, we would be seeing the last of behest loans that take away so much loan money that should have been channeled to growing sectors,” Recto said.
He said private corporations have access to loans from commercial banks anyway.
Sectors that would have benefited from the DBP loans include Small and Medium Enterprises (SMEs) and the agricultural sector, the senator said.
He added the DBP and the Land Bank of the Philippines have a mandate to offer loans to fishermen, farmers, and small businesses.
The senator said he would file a bill to amend the charters of both state-owned banks if needed.
Ongpin borrowed P660 million from the DBP to buy 50 million shares in Philex Mining Corp in 2009 for P12.75 per share. He then sold those shares to businessman Manuel Pangilinan for P21 a share. Some senators, including Senate President Juan Ponce Enrile and Senator Sergio Osmeña III, suspect insider trading.
The Senate blue ribbon committee and committee on banks have been holding the hearings to look into allegations that the money lent to Ongpin were behest loans — loans that did not follow banking procedure and were approved with pressure from powerful people.
Ongpin has denied the behest loan claims and the insider trading.
Osmeña also bared a P180-million loan from DBP and the Land Bank to Global Air Services, a company registered in the British Virgin Islands, allegedly connected to Ongpin.
GAS, with capitalization of just $2, lists Josephine Manalo and Rodolfo Ponferrada as signatories. Both are officers in Ongpin-held Delta Ventures Resources Inc., leading Osmeña to believe Ongpin is involved.
“For two government banks to do the same thing at the same time and break the same laws, there is only one explanation: there was an order from the top,” Osmeña said.
At the Senate hearing Monday, Ongpin said he does not need “behestors” to approve loans for him.
He said although Jose Miguel Arroyo, husband of former president Gloria Macapagal-Arroyo, is a friend, that does not mean the former first gentleman had anything to do with the loans. (Jonathan de Santos/Sunnex)
http://www.sunstar.com.ph/manila/local-news/2011/11/20/senator-proposes-loan-blockade-government-banks-191600
Best Restaurant in Clark Pampanga unveils regional dinner menu featuring the classic cuisine of Italy, all designed to pair nicely with fine vintage wines from Italy’s wine regions such as Tuscany, Piedmont, Veneto and Sicily, one more reasons for food and wine lovers to travel to Angeles City, Clark Philippines to satisfy their thirst for a wonderful meal at a fine dining restaurant, the best place to eat in Pampanga.
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Are you looking for an attractive restaurant or a nice place to eat with friends in Clark, Angeles City Pampanga? Yats Restaurant and Wine Bar is a restaurant with good food and good wines for dinner located at Clark Angeles City Pampanga. Perfect for exclusive dinner venues for groups, recommended for private dinner in Philippines. A Restaurant in Clark for business dinner meeting. Private dinner place or dinner restaurant in Clark Subic Near Manila Angeles City Pampanga. Yats Restaurant is one of the Good Restaurant in Pampanga Angeles City Clark near Manila. Yats Restaurant is one of the good restaurants in Pampanga, a restaurant with good food, a place that is nice for celebration, ideal for business dinner meeting, a good place to enjoy family reunion, and an attractive restaurant that serves good wines for dinner.
Visitors come from Manila, Angeles City, Pampanga, Subic and Clark Philippines to enjoy a sumptuous seafood dinner at Yats Restaurant. Many guests order excellent white wine from the award-winning restaurant wine list of this famous fine dining restaurant in Clark. Favorite wine orders for guests in this restaurant include Chablis, Chassagne-Montrachet, Sancerre, Chardonnay of Chile’s Casa Lapastolle, Sauvignon Blanc from New Zealand and South Africa, Rose from Anjou, Pinot Noir from USA and Burgundy France and the all-time favorite, Meursault. A wide range of sparkling wine and Champagne is available also in this restaurant in Pampanga which is famous for its selection of vintage wines. Popular choices of guests in this restaurant include Paul Bara Champagne, Crement de Bourgogne, MUMM Cuvee Napa Sparkling wine, Prosecco and Cava.
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Restaurant@Yats-International.com
(045) 599-5600
0922-870-5178
0917-520-4401
Ask for Pedro and Rechel
Getting to this fine dining restaurant of Angeles City Clark Freeport Zone Pampanga Philippines
How to get to this fine-dining restaurant in Clark Pampanga? Once you get to Clark Freeport, go straight until you hit Mimosa. After you enter Mimosa, stay on the left on Mimosa Drive, go past the Holiday Inn and Yats Restaurant (green top, independent 1-storey structure) is on your left. Just past the Yats Restaurant is the London Pub.
Yats Restaurant & Wine Bar
Mimosa Drive past Holiday Inn, Mimosa Leisure Estate,
Clark Freeport Zone, Pampanga, Philippines 2023
Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 Rea or Chay
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