Wednesday, January 27, 2021
Kill The Kings In The Cave
Therefore, as God's chosen people, holy and dearly loved, clothe yourselves with compassion, kindness, humility, gentleness and patience. Bear with each other and forgive whatever grievances you may have against one another. Forgive as the Lord forgave you. And over all these virtues put on love, which binds them all together in perfect unity. Colossians 3:12-14
Five kings in a cave! A rather strange place for royalty. It happened years ago; in fact the event took place about 1400 B.C. "That's ancient history," you might say, and I would agree; yet there is a contemporary application. The five kings were enemies of Israel, and Joshua brought them out and executed them as a visual lesson as to what God would do to the rest of their enemies.
I have suggested that there are five enemies of the Christian family that should be treated as summarily as Joshua did those five long ago. These five enemies come crawling out of the caves of our old nature, and have to be met head-on and executed. Dishonesty is the first, followed by deceit. There are three others: Discourtesy, discouragement, and disbelief.
Someone well described courtesy as a series of personal sacrifices. Not bad...a series of personal sacrifices. Tragic, yet true, is the fact that in many homes‑‑ yes, even Christian homes‑‑courtesy stops at the door. Teens who are the epitome of grace and manners when their teachers or friends are involved, think that little brothers and sisters are not deserving of the same consideration. They call them names‑‑they yell at them. They use sarcasm to cut each other down. And where did they learn it? Without realizing it, they picked up the habit from parents, who by their actions have shown them that a family is a special breed‑‑the kind that is not deserving of common courtesies.
Years ago the Apostle Paul penned a letter to families. You critics may say, "No, he wrote to a church." But forgotten is the fact that a church is merely a group of families. To the families in the church at Colosse Paul wrote these words, "Therefore, as God's chosen people, holy and dearly loved, clothe yourselves with compassion, kindness, humility, gentleness and patience. Bear with each other and forgive whatever grievances you may have against one another. Forgive as the Lord forgave you. And over all these virtues put on love, which binds them all together in perfect unity" (Colossians 3:12-14). Paul had to be thinking of families when he wrote those words because he followed them with specific instructions to wives, husbands, and children. And there you have the components of a family. Courtesy is no less than a series of personal sacrifices. Instead of "me first!" it is the other first, and your personal ambitions and desires take second place. The next time you are tempted to set courtesy aside, do not forget that all it takes to learn courtesy is for you to be willing to set your own rights aside just once in a series of personal sacrifices.
There is another enemy of good family relations that should be met and dispatched. It is discouragement. Webster defines it as "that which causes one to lose heart," and it always precedes the collapse of a marriage. One event leads to another and another, and soon you begin to think, "What is the use, anyway?" Actors and actresses are among those who have the greatest percentage of marriage failure in the world. When actor Robert Mitchum celebrated his 30th anniversary a friend asked how he could make it when most of his friends had been married and divorced many times around. Mitchum replied, "Mutual forbearance. We have each continued to believe that the other will do better tomorrow."
Resource reading: Joshua 10:29-43
https://www.guidelines.org/devotional/kill-the-kings-in-the-cave/
Senate OKs bill redistricting Rizal on 2nd reading
The Senate on Wednesday approved on second reading a bill dividing the current first and second legislative districts of Rizal province into four.
Under House Bill No. 6222, sponsored by Senator Francis Tolentino, the following areas will be under the fourth legislative district of the province:
- Cardona
- Baras
- Tanay
- Morong
- Jala-Jala
- Pililia
- Teresa
The municipalities of Rodriguez and San Mateo will be considered as the 1st district, the municipality of Taytay as the 2nd district and the municipalities of Angono and Binangonan as the 3rd district.
The House of Representatives approved the measure in June 2020.
https://www.gmanetwork.com/news/news/regions/773547/senate-oks-bill-redistricting-rizal-on-2nd-reading/story/?just_in
Defensor wants House plenary to take up ‘unresolved’ ABS-CBN provisional franchise bill
Anakalusugan party-list Representative Mike Defensor on Wednesday called on the House of Representatives to take up measures that have yet to be acted upon by the chamber, including the one that sought to grant ABS-CBN a provisional franchise.
During the chamber's plenary session this afternoon, Defensor stood up and manifested that the committee report on House Bill 6732, which grants ABS-CBN a franchise to operate until October 31 last year, has been languishing on the floor for many months already.
The said committee report has been included in the "unfinished business" of the House, and Defensor argued that the chamber should take up these matters first before going on with their business for the day.
"Mr. Speaker, I would like to raise a point of order that the unfinished business of the ABS-CBN franchise be decided first before we take up any issue in plenary," Defensor said.
"Malinaw na malinaw na nakasaad sa calendar of business natin na bago pag-usapan ang business of the day, bago pag-usapan ang anumang debate sa anumang batas ay tapusin muna natin ang consideration ng mga items o mga batas sa ilalim ng unfinished business," he added.
House Bill 6732 was filed by former Speaker Alan Peter Cayetano and seven other lawmakers in May last year to grant ABS-CBN a provisional franchise while the Committee on Legislative Franchises was deliberating on the measures that sought to renew the original franchise of the network for another 25 years.
The measure was approved in the committee level, through the Committee of the Whole, and on second reading on May 13, 2020, eight days after ABS-CBN went off air, but it was later reverted to the plenary to accommodate additional interpellation and amendments from lawmakers.
Cayetano then decided to just consider the proposals to grant a 25-year-franchise to ABS-CBN instead of giving the network a provisional one, leaving House Bill 6732 pending on the floor.
The House franchise panel later rejected the franchise renewal bid after a lengthy series of hearings.
Responding to Defensor's point of order, Deputy Majority Leader Mikey Arroyo said what the plenary was deliberating were businesses for Thursday and Friday based on the motion of Acting Deputy Majority Leader Xavier Jesus Romualdo.
Arroyo added that no House member objected when Romualdo made his motion, allowing the plenary to proceed to discuss matters for Thursday and Friday.
Defensor objected and said that in the order of motions in the chamber, the "point of order" is of the highest hierarchy.
"I assert that the committee report conducted by the Committee of the Whole has been submitted for the longest time. Nandito na sa atin yan, the unfinished business of the ABS-CBN franchise," he said.
"And I'm calling that we either affirm the committee report and do away with that unfinished business before we continue with the other businesses of the day that we are considering as a plenary," he added.
Deputy Speaker Isidro Ungab, who was the presiding officer that time, turned down Defensor's point of order as he affirmed Arroyo's explanation.
Defensor, nevertheless, appealed the Ungab's decision, and after a discussion among lawmakers during a suspension of the session, the chamber decided to take up unfinished business on Monday next week.
"It was already agreed upon with the Hon. Defensor that the assurance of the distinguished deputy majority leader is official: that we will take up items in the unfinished business by Monday. We will start taking them up," said Senior Deputy Majority Leader Jesus Crispin Remulla, who took over the majority floor leadership.
It is unclear at this point, however, how the chamber will act upon the committee report on House Bill 6732, since its original intention was to grant ABS-CBN a provisional franchise until October 31, 2020 only.
GMA News Online reached out to Deputy Speaker Rufus Rodriguez on this matter, but he said he would have to study it first.
Deputy Speaker Vilma Santos has already filed a fresh measure seeking to renew ABS-CBN's franchise for another 25 years.
The measure has so far been referred to the Committee on Legislative Franchises. — BM, GMA News
Rep. Defensor wants House to resolve pending ABS-CBN provisional franchise bill
The House of Representatives should first decide on the bill seeking to grant media giant ABS-CBN a provisional franchise—which has been on the plenary’s “unfinished business” for months—before discussing other measures, Anakalusugan Partylist Rep. Mike Defensor said Wednesday.
During Wednesday’s session, Defensor raised a point of order, pointing out that the committee report on House Bill No. 6732, which seeks to grant ABS-CBN a provisional franchise, is still under the plenary’s “unfinished business” and should be tackled first.
Defensor, who voted against giving ABS-CBN a 25-year franchise, was referring to the bill previously filed by former House Speaker Alan Peter Cayetano and his allies back in May 2020, granting the network a franchise to operate until October 31, 2020.
“Bago tayo magkaroon ng konsiderasyon for the business of the day o ‘yung pag-uusap ng mga batas na kailangan nating pag-usapan ngayon, I would like to raise a point of order that the unfinished business of the ABS-CBN franchise be decided first before we take up any issue in plenary, unless there will be a debate on the rules at kung ano ang tamang gawin,” Defensor said.
(Before we consider the business of the day, or the measures that we have to tackle now, I would like to like to raise a point of order that the unfinished business of the ABS-CBN franchise be decided first before we take up any issue in plenary, unless there will be a debate on the rules.)
“Pero malinaw na malinaw na nakasaad sa calendar of business natin na bago pag-usapan ang business of the day, bago pag-usapan ang anumang debate sa anumang batas ay tapusin muna natin ang consideration ng mga items o mga batas sa ilalim ng unfinished business,” the lawmaker added.
(But it is clear that it is stated in our calendar of business that before we tackle the business of the day, before we have any debates on whichever measure, we need to address first the items under the unfinished business.)
However, House Deputy Majority Leader Juan Miguel Arroyo said that Deputy Majority Leader Xavier Jesus Romualdo had already moved to tackle business for Thursday and Friday.
Arroyo said that no one objected to Romualdo’s motion before it was approved.
Defensor, nonetheless, argued that since the ABS-CBN provisional franchise bill is under unfinished business, it should be tackled before the plenary takes up other measures.
“What we have here is an unfinished business. Itong ginagawa natng pagde-debate sa mahabang panahon, marami nang naging batas na na-aprubahan pero itong unfinished business ay patuloy pa rin na nandyan sa unfinished business,” Defensor said.
(What we have here is an unfinished business. We have approved a number of measures yet the items under the unfinished business are still there as unfinished business.)
“And therefore, before tackling any other issue, before entertaining any other motion, bago pag-usapan kung anumang batas o kung anumang mosyon ay kailangan sanang matapos muna natin yung ating pag-uusap [sa unfinished business],” he added.
(Therefore, before tackling any other issue, before entertaining any other motion, and before we discuss measures, we should finish first our debates on the unfinished business.)
Deputy Speaker Isidro Ungab, who was presiding over the session, ruled against Defensor’s point of order, saying that Arroyo’s explanation was sustained.
Defensor appealed Ungab’s decision, which led to a brief suspension of the session.
When the session resumed, Senior Deputy Majority Leader Jesus Crispin Remulla said it has been agreed upon that the bills under unfinished business will be tackled by Monday next week, February 1.
“It was already agreed upon with the Honorable Defensor that the assurance of the distinguished deputy majority leader is official—that we will take up items in the unfinished business—by Monday, we will start taking them up,” Remulla said.
But does any of this matter?
As stated, House Bill No. 6732, the measure that Defensor was seeking to get resolved, only grants ABS-CBN a provisional franchise effective until October 31, 2020. This means that the proposed franchise has already expired nearly three months ago.
Asked for a comment, Deputy Speaker Rufus Rodriguez told INQUIRER.net that he still needs to study the issue of mootness of the measure.
Cayetano filed the measure back in May 2020 amid public clamor for the House to tackle several bills seeking to grant ABS-CBN a 25-year franchise.
When Cayetano filed the provisional franchise bill, the House had yet to set a date for the hearings on ABS-CBN’s franchise bid.
However, it would have allowed ABS-CBN to operate at that time even as hearings on its franchise renewal bid were still ongoing.
“Providing ABS-CBN with a provisional franchise valid until 31 October 2020 will give both the House of Representatives and the Senate to hear the issues being raised for and against the renewal, and assess, with complete impartiality and fairness, whether or not the network shall be granted a franchise for another twenty-five (25) years,” Cayetano said in the bill’s explanatory note.
On May 13 last year, the House convened into a Committee of the Whole to fast-track the approval of the ABS-CBN provisional franchise bill. The measure was even approved on second reading the very same day.
However, on May 18, the House recalled the second reading approval of the ABS-CBN provisional franchise bill. House leaders said several lawmakers still wanted to interpellate and introduce amendments to the measure.
The next day, May 19, Cayetano announced that there will no longer be a provisional franchise for ABS-CBN as the House leadership decided to instead push through with deliberations in the committee on legislative franchise.
Less than two months later, 70 lawmakers in the House committee on legislative franchise voted to deny ABS-CBN’s franchise bid.
INQUIRER.net has reached out to Defensor and other House leaders for further comments on this story.
House may vote on ABS-CBN franchise in plenary next week
The House of Representatives may finally vote on ABS-CBN’s franchise in plenary, six months after a House panel rejected the media giant’s bid for a fresh 25-year franchise.
House leaders committed during Wednesday’s session to tackle the chamber’s unfinished business beginning Monday, which includes the committee report on the rejection of ABS-CBN’s application for a new franchise.
This was after Rep. Michael Defensor (Anakalusugan party-list), who was among the lawmakers who led the charge against the TV network, attempted to bring out the committee report to the plenary by arguing that the House’s unfinished business must be tackled first before any other matter.
“We either affirm the committee report and do away with that unfinished business before we continue with the other businesses of the day that we are considering as the plenary,” Defensor said.
The House initially rejected Defensor’s contention, but eventually lawmakers came to a compromise with a commitment from Senior Deputy Majority Leader Jesus Crispin Remulla (Cavite) that the unfinished business will be tackled beginning Monday.
What does this mean?
This would pave the way for the entire House to decide on the fate of ABS-CBN’s franchise, which was rejected by the chamber’s committee on franchises in July 2020.
If brought to plenary, the House could either affirm or reject the decision of the panel that voted 70-11 in favor of denying ABS-CBN a new franchise, despite government agencies clearing the media giant of any wrongdoing.
Lawmakers who want ABS-CBN to be given a fresh franchise have been saying that the plenary could undo the panel’s decision to deny the TV network’s bid for a new license.
“I believe it can be pulled out by the plenary now and reconsidered in the new leadership we have now,” House Deputy Speaker Lito Atienza told ANC’s “Headstart” on January 6. “Plenary overrules the committee and the plenary prevails.”
It is not clear, however, which way the House would go on the ABS-CBN franchise. It is still dominated by allies of President Rodrigo Duterte, who has vowed to see the end of the TV network after it earned his ire for not airing his campaign advertisement and for supposedly taking sides during the 2016 presidential race.
Speaker Lord Allan Velasco has been silent on the matter, leaving his allies to issue conflicting views on a new franchise for the TV network.
Duterte has also signalled that any company seeking a franchise “won’t see the light of day” unless they pay the right amount of taxes, a remark that Malacañang said applies to the shuttered broadcast giant ABS-CBN.
A handful of lawmakers, however, have refiled bills which seek to grant ABS-CBN a new 25-year franchise.
The House committee on franchises’ decision to kill the franchise of the network led to massive layoffs in the Lopez-owned media giant and resulted in an information-gap in far-flung areas which had only been reached by ABS-CBN’s regional bureaus which also had to shutter.
The country would keep GMA, IBC, PTV and TV5 as the sole TV network.
Vergeire cites types of allergies that may prohibit one from taking COVID-19 vaccine
The Department of Health on Wednesday explained that people with food allergies can still take COVID-19 vaccines as long as they get clearance from their doctors.
This following reports of alleged allergic reactions to vaccines like Pfizer's. Pfizer already advised authorities not to give the vaccine to those with severe allergic reactions.
Health Undersecretary Maria Rosario Vergeire explained that this refers to anaphylactic shock or an allergic reaction that causes difficulty in breathing, increased heart rate and a swollen throat that may block airways.
“Yun po talagang main contraindication ng bakuna ay severe allergic reaction. Ibig sabihin po, kapag kayo ay nabigyan ng bakuna in the past o kaya sa component ng bakunang ito ay maaaring magkaroon ng severe allergic reaction,” she said during a Laging Handa briefing.
(The main contraindication for the vaccine is severe allergic reaction. This means that if you were given a vaccine in the past or a component of the vaccine may cause you severe allergic reaction.)
Vergeire said those with allergies to polyethylene glycol, one of the components of Pfizer’s vaccine, should also avoid the vaccine.
Vergeire on allergic reactions to COVID vaccines: Yun po talagang main contraindication ng bakuna ay severe allergic reaction...kapag kayo ay nabigyan ng bakuna in the past o kaya sa component ng bakunang ito ay maaaring magkaroon ng severe allergic reaction @ABSCBNNews
— Kristine Sabillo 🇵🇠(@kristinesabillo) January 27, 2021
Those with allergies to food and drugs may simply ask for an assessment or a certification from their doctor that they can receive the vaccine, she added.
Another DOH official said that allergy tests are not usually required for vaccinations, but they may release specific guidelines for each vaccine. Recipients are also asked to stay at the vaccination site for up to 1 hour later for observation.
Health Secretary Francisco Duque III said during a televised event in Taguig that health workers are ready for adverse events, and that ambulances and referral hospitals will be on standby.
Besides Pfizer, there have also been reports of possible allergic reactions to Moderna’s vaccine, which also uses the new RNA-based type vaccines. Both vaccines have reported high efficacy rates of around 95%, although their cold storage requirements are challenging for some countries.
The Philippines will gets its first batch of around 1 million COVID-19 vaccine shots next month, vaccine czar Carlito Galvez, Jr. said.
Galvez said he was negotiating with pharmaceutical firms to get 200,000 to 500,000 doses from UK's AstraZeneca for health workers, 500,000 jabs from Chinese firm Sinovac, and an unspecified number of shots from Pfizer.
The Philippine government aims to vaccinate up 70 million people against the new coronavirus this year to achieve herd immunity.
It is working to lock in 148 million doses from 7 vaccine makers, on top of 40 million shots that will come from the Covax Facility, a global initiative that aims to ensure equitable access to the vaccines, said Galvez.
The Philippines has logged 516,166 confirmed COVID-19 cases, as of Tuesday, including 30,357 active infections, 10,386 deaths, and 475,423 recoveries.
The tally includes 17 cases of the new, more transmissible variant first detected late last year in the United Kingdom.
Several other countries, including immediate neighbors of the Philippines, have already started their respective vaccination programs.
PMFTC sets merger with Philip Morris PH
The group of Lucio Tan and Philip Morris Philippines Manufacturing, Inc. are simplifying the structure of their cigarette partnership by folding joint assets into PMFTC Inc., the country’s leading tobacco manufacturer and distributor.
Conglomerate LT Group Inc. disclosed to the Philippine Stock Exchange on Monday that PMFTC Inc., which the group indirectly owns through Fortune Tobacco Corp., has obtained board approval to merge with Philip Morris Philippines Manufacturing, Inc.
PMFTC would be the surviving corporation effective June 1, albeit subject to the Securities and Exchange Commission’s approval, the disclosure said.
“The merger is part of an internal restructuring process and is not expected to materially affect the operations, earnings, and ownership of PMFTC,” the disclosure said.
PMFTC’s articles of incorporation would be amended by the articles of merger and plan of merger.
LTG conducts its tobacco business through its 99.6 percent ownership in Fortune Tobacco, which in turn owns 49.6 percent of PMFTC. The latter had an estimated 70.5 percent market share of the local tobacco market in 2019.
Incorporated in 1965, Fortune Tobacco introduced the most successful local cigarette brands in the Philippines, including the Fortune, Champion, and Hope menthol brands. Before the creation of PMFTC, it held the largest domestic tobacco business in the Philippines.
In 2010, Fortune Tobacco and Philip Morris combined their respective domestic business operations by transferring selected assets and liabilities to PMFTC. The establishment of PMFTC allowed both groups to benefit from their respective, complementary brand portfolios as well as cost synergies.
Within LTG, the tobacco segment posted a net income of P12.2 billion for the nine months of 2020, higher than the P9.6-billion bottom line in the same period the previous year. This is due to the increase in equity in net earnings from PMFTC to P12.2 billion during the period in review. —DORIS DUMLAO-ABADILLA INQ
https://business.inquirer.net/316425/pmftc-sets-merger-with-philip-morris-ph
GMA Network reports over 98% TV household coverage
GMA NETWORK, Inc. said it now covers more than 98% of television households with around 84 million viewers nationwide.
“In both total Luzon and total Visayas, GMA’s net reach was similarly at 98.6% of TV households, while posting 49.8% and 47.7% people audience shares, respectively,” the listed media company said in an e-mailed statement on Monday. “In total Mindanao, GMA was able to reach 97.9% of TV households with 42.2% people audience share.”
The network cited Nielsen Philippines TV Audience Measurement’s total Philippines data for 2020, from Jan. 1 to Dec. 26.
In December 2019, ABS-CBN Corp. reported, citing data from Kantar Media, that its nationwide TV audience share stood at 42% as of November, versus GMA’s 30%.
But GMA said it started “strong” in 2020.
“For the period January to May 5, GMA was already ahead of ABS-CBN in terms of both reach and viewership before the latter went off air in May. GMA registered over 95% household reach and was also on top with its 33.1% people audience share during the said period,” it explained.
This year, GMA plans to launch its digital TV mobile receiver GMA Now.
Also on Monday, GMA reported it already sold 1 million units of its digital terrestrial television (DTT) receiver “GMA Affordabox.”
“As GMA Network expands its digital broadcast coverage, more and more Filipinos are able to use GMA Affordabox,” it said.
“Recently, Misamis Oriental (including Cagayan de Oro City) and Camiguin were added to its coverage areas. It is also available in selected towns/cities within Metro Manila, Benguet, La Union, Pangasinan, Bulacan, Pampanga, Nueva Ecija, Tarlac, Batangas, Cavite, Laguna, Quezon, Rizal, Bohol, Cebu, Leyte, Davao de Oro, Davao del Sur, and Davao del Norte,” it added.
The company has allocated more than P20 billion for capital expenditures (capex) and content cost for the current year until 2023.
A big portion of the budget is allocated for content production and post-production.
The media giant had set aside a capex of P1.22 billion last year.
The listed company recently reported an attributable net income of P3.90 billion for the January to September 2020 period, up 79.03% from the previous year’s P2.18 billion.
It saw its total revenue grow 3.59% to P12.66 billion during the same period in 2020, from P12.22 billion in 2019.
GMA Network shares closed 1.84% lower at P5.88 apiece on Tuesday. — Arjay L. Balinbin
https://www.bworldonline.com/gma-network-reports-over-98-tv-household-coverage/
Will Pres. Rodrigo Duterte finally allow an ABS-CBN franchise?
The government’s tax bureau BIR and the state-owned bank DBP have already cleared ABS-CBN of any obligations.
President Rodrigo Duterte has been the biggest hurdle for the renewal of ABS-CBN broadcast franchise.
As early as 2017, Duterte has been at the forefront of attacks against the network publicly declaring his opposition to the renewal of the Kapamilya network’s franchise.
A few months into his presidency, Duterte immediately launched the attack against ABS-CBN and the Lopezes whom he accused of swindling him.
Durterte alleged that ABS-CBN did not air a paid political advertisement during his Presidential campaign.
“If ganoon ka kaano, you’re engaged in swindling for all we know ilang kompanya dito na hindi n’yo pinalabas. If you operate, ABS-CBN, tapos manloloko lang kayo ng tao, mag-swindling kayo, I have to stop you, ‘di ba?” Duterte said in April 2017.
ABS-CBN however during the franchise hearing said that they did not deliberately refuse the ad, but there were really no more spots available thus it wasn’t aired.
“Our policy on all our ads is first-come, first-served. Many of these spots were ordered on May 3, and May 7 was the last day of the campaign period. There had been many previous telecast orders that came in ahead,” said ABS-CBN President and CEO Carlo Katigbak.
Katigbak also clarified that the majority of the payment was already returned to Duterte’s camp but there were a few million which got delayed that the Duterte camp refused to accept.
Duterte also attacked ABS-CBN using the issue on the Lopez Group’s DBP loans. According to Duterte, ABS-CBN did not pay a single centavo to the government which has since become DDS’s propaganda in pounding ABS-CBN during the height of the franchise renewal hearing.
“The Lopez Group of Companies never paid a single centavo. It was condoned by the government. Who condoned it, who authorized it, I really don’t know, but maybe one of these days I’ll start to dig,” Duterte said in front of new government appointees,” Duterte said in September 2019
In his latest pronouncements, Duterte still insisted on the issue saying he will never implement any franchise if the company will not pay its dues to the government.
“For all I care, you can have a 1,000 franchise, you will not see the light of day until you come to government with clean hands. Wala akong galit, bayaran mo lang ang gobyerno, sasaludo ako sa inyo limang beses,” he said.
However, the government’s tax bureau BIR and the state-owned bank DBP have already cleared ABS-CBN of any obligations.
“ABS-CBN Corporation ay regularly paying taxes for the past years. Na-check naman po na ‘yung dapat nilang i-withhold at na-remit naman nila sa gobyerno,” Mapoy said during the hearing.
“From 2003 to 2019, ABS-CBN as a group paid P71.5 billion in taxes,” Mapoy added.
Meanwhile, DBP also recently cleared the Lopez Group of any liability. According to DBP Vice President Soraya Adiong, the questioned loan has been audited by the COA and there were no findings of irregularity.
“It was audited by the Commission on Audit and in the annual audit report, there was no finding of irregularity,” said DBP Senior Vice President Soraya Adiong.
“As soon as the accounts were transferred to the SPV (special purpose vehicles) DBP no longer had any transaction, at least with respect to those four loan accounts,” Adiong added.
DBP President Emmanuel Herbosa on the other hand also clarified that the controversial loan was not condoned or written off but was instead sold to Lehman Brothers as per Republic Act No. 9182 or the SPV (Special Purpose Vehicle) Act of 2002.
“These NPLs (non-performing loans) and NPAs (non-performing assets) were dealt with in the regular course of business and disposed of by DBP pursuant to Republic Act No. 9182, entitled The Special Purpose Vehicles Act of 2002, as amended by RA No. 9343 and other applicable laws, which authorized financial institutions, like DBP to transfer NPLs and NPAs to SPVs (special purpose vehicles) created under the Act.
“The law provided the avenue for Philippine banks to dispose [of] non-performing assets to be more liquid…. It’s not a loan condonation, we sold it with a P3.83-billion bid in favor of DBP,” said Herbosa.
With these clarifications from several government agencies regarding ABS-CBN and the Lopez Group, will Duterte finally stop his tirade against the network or will he bring up another issue to justify his opposition to an ABS-CBN comeback?
https://www.lionheartv.net/2021/01/will-pres-rodrigo-duterte-finally-allow-an-abs-cbn-franchise/