SPAV law
Rizal Philippines
October 7, 2019
This post is disturbed that the Pres is ranting vs a group of companies whom we admire as one of the biggest has having been their billions of loans condoned by a special law. They are not the only ones though we benefited by these special laws.
Under SPAV, there is no or little loss, since all the NPLs are sold to a SPAV vehicle which facilitates disposal of loan assets because of some incentives. However, the news article indicated that DBP wrote off the xxxxxHoldings (formerly yyyyy)
From Inquirer - DBP writes off xxxx Loan
The Pres of the group was quick to point out that they do not have any more outstanding loans (because they were written off) nor was the loans behest.... (not done by an executive edict) but its payment was condoned. Much worse.
It is not clear whether the said business group exist or get concession because of political connection. Some argue that Senate Pres. who is from Iloilo is kababayan of the Lopez who approved the SPAV law
at and during the time of a Pres. who is a political ally
Ordinary citzens would not get the same privilege. We as businessmen, have to sweat out the business plan, the execution of the plan,, and the repayment of financial obligations. It looks unfair.
What do you think, was PRD30 right in ranting vs this group (or maybe all those businesses whose loans were written off?
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