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
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