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SOURCE: Press and Public Affairs Bureau



23 February 2021 04:23:00 PM

The Committee on Good Government and Public Accountability, chaired by Rep. Michael Edgar Aglipay (Party-list, DIWA), continued its inquiry, in aid of legilsation Tuesday , on the alleged loan condonation or write-off by the Development Bank of the Philippines (DBP) in favor of companies controlled by or affiliated with the Lopez family. Rep. Michael Defensor (Party-list, ANAKALUSUGAN) raised anew his previous concern that the DBP failed to adhere to the Special Purpose Vehicle (SPV) Law that requires a certificate of eligibility from the Bangko Sentral ng Pilipinas prior to the transfer of nonperforming assets. Among the resource persons present was Chairman Carlos Mañalac of the Philippine Investment Companies, an SPV which used to be owned by the Lehman Brothers Asia. Mañalac explained that the company’s contracts with the DBP all had a Due Authority Clause, in which the seller assures it has the proper authority to transfer its assets. Meanwhile, the panel approved the motion made by Rep. Jesus Crispin Remulla (7th District, Cavite) to subpoena three former board members of the DBP who handled the transactions with Lehman Brothers Asia to shed light on the issues at hand.