Sunday 16 December
Nov 2, 2018 @ 17:26

Debts triple in 2017: Find out the 21 banks fueling Duterte crony Dennis Uy?s buying binge

 

Twenty local and foreign banks have slaked bilyonaryo Dennis Uy?s thirst for takeovers and mergers in the first two years of his patron, President Rodrigo Duterte.

The Davao-based businessman has already tripled his borrowings to P85 billion as of 2017 but has shown little sign of slowing down his torrid pace of acquisitions as he continued to gobble up more targets this year: from the FamilyMart convenience store to wildcat firm PXP Energy Corp. to the local Ferrari distributor Autostrada.

Based on his filings with the Securities and Exchange Commission, Uy?s single biggest loan is for P34 billion from Banco De Oro (BDO), Philippine National Bank (PNB), and Bank of China ? Grand Cayman Branch (BOC-GC).

Uy used the 10-year loan, with an interest rate of between 7.61 perent and 8.98 percent, to buy out a Kuwaiti group from the 177-hectare Clark Global City Corp.

This loan accounts for nearly half of the P74 billion term loan of Uy as of end-2017. Here is a breakdown of the Duterte crony?s other borrowings:

1) BDO – P13.111 billion

2) Bank of China – P5.452 billion

3) China Banking Corp. P3.814 billion

4) Philippine National Bank P3.125B

5) Philippine Business Bank (PBB) P2.526B

6) Multinational Investment Bancorporation (MIB) P2.385 billion

7) Development Bank of the Philippines (DBP) P1.906 billion

8) Land Bank of the Philippines (LBP) P1.9 billion

10) Robinsons Bank Corp. (RBC) P1.268 billlion

11) Rizal Commercial Banking Corp. P1 billion

12) Philippine Veterans Bank (PVB) P600 million

13) Bank of Commerce P500 million

14) United Coconut Planters Bank (UCPB)

15) Asia United Bank (AUB) P493 million

16) Pentacapital Investment Corp. P400 million

17) Union Bank of the Philippines P300 million

18) Taiwan?s CTBC Bank (Philippines) Corp. P296.25 million

19)Taiwan?s Mega International Commercial Bank Co. (MICBC)P296 million

20) Taiwan?s First Commercial Bank, Ltd. (FCB) P197.5 million

21) Philippine Bank of Communications (PBCOM) P25.699 million

See related story:

Uberpacman: Duterte crony Dennis Uy buys or forms 36 companies in 24 months

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