A Babbler tells us HF is having trouble refinancing his P4 billion loans that have piled up after his business model has lost its steam.
You see, HF built his business in the last two administrations banking on the Department of Agriculture to buy his goods and force these goods down the throats of farmers.
But despite government support, HF has not had any recurring business as farmers have spurned HF’s goods because these were input intensive and hard to market.
Babbler said that for over a decade, HF has relied on bank loans to make his business a success story in the eye of the public.
But his grand scheme has finally caught up with him as the government has refused to subsidize his goods any longer. HF’s loans have not only ballooned, his biggest concern is that the bulk of his debts are owed to one of the country’s biggest banks.
You see, the big bank owner (BBO) has a personal grudge against HF for what the latter did to BBO during a controversial business group event recently.
BBO perceives HF’s act as a betrayal and is bent on collecting on HF’s loans due this year.
As a side note, Babbler noted that BBO was the one who thought up HF’s business model.
But in his original plan, BBO proposed that it be made purely on a government-to-government basis. It was HF who co-opted the scheme for himself and made it a private deal.