'Spin' obscures DBP's actual financial strength
It has become difficult to see the truth in the growing controversy that surrounds the transactions of the state-owned Development Bank of the Philippines, including the recently uncovered P1.67-billion write-off of bad loans of the Lopez family-owned firms, according to the bank’s former president, Reynaldo David.
The popular theory in circulation since the DBP’s loans to businessman Roberto Ongpin were made public earlier this year is that the state-owned financial institution became a virtual piggy bank for persons close to the Arroyo administration, with all sorts of shortcuts being taken in the process of accommodating their loan requests.
The latest rumor making the rounds, meanwhile, is that the influential Lopez family is the hidden hand behind the investigation into DBP’s dealings with businessman Roberto Ongpin.
The end goal, according to persons familiar with the “theory,” is for the family to recover control of Manila Electric Co., which has been carved up between businessmen Manuel V. Pangilinan of the PLDT group and Ramon S. Ang of the San Miguel conglomerate (with Ongpin having helped the latter during the battle for control three years ago that saw the Lopez family lose control of their crown jewel).
Whatever the truth may be, the conflicting theories obscure the fact that the transactions in question—both the P1.67-billion Lopez group loan write-offs and the so-called “behest” loans extended to the Ongpin camp— ended up improving the financial standing of DBP, David told the Inquirer in an interview.
Documents about the deal obtained from banking sources showed that the bank had, in fact, written off P9.56 billion worth of bad loans, with the controversial Lopez group loans accounting for only 17 percent of that total.
A list of soured loans of the DBP at that time showed that, while the combined loans to the Lopez group accounted for a substantial portion of the portfolio, there were other corporate loans that were also put up for disposal.
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It has become difficult to see the truth in the growing controversy that surrounds the transactions of the state-owned Development Bank of the Philippines, including the recently uncovered P1.67-billion write-off of bad loans of the Lopez family-owned
Impaired loans rose just $31 million to $4.61 billion while specific provisions for likely write-offs dropped $200 million to $1.66 billion as previous credit problems worked their way through the system. However, actual loan losses in the past year
Loans by the banks have a guaranteed return. There was no risk for the banks, but new ways of guaranteeing returns were invented so that more money could be created and lent by the banks. The greedy played on the greed of people.
“The actual payment will vary based on the amount of the loan and the interest rate,” he says. “The Department of Education has a payment calculator found here.” Experts suggest that students with loans from different lenders consider consolidating
So here's my question: If the Community Reinvestment Act of 1977 effectively caused the Wall Street meltdown of 2007 by forcing banks to make bad home loans to improvident poor people (and we all know exactly who I
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