Ongpin dares Osmeña to probe other DBP loans

MANILA, Philippines - Businessman Roberto Ongpin challenged Sen.Sergio Osmeña III to look into other questionable loans granted by the Development Bank of the Philippines, which he said ended up losing money for the bank unlike the one he took out that made a ton of money for the bank.

Ongpin issued a statement denying any involvement by former First Gentleman Jose Miguel Arroyo in the loan that his companies secured from DBP to finance his purchase of Philex Mining Corp. shares in 2009 as alleged by Osmeña.

Osmeña said he was 110 percent sure that the First Gentleman controlled former DBP president Reynaldo David, specifically to secure the approval of around P660 million in loans made by Ongpin through his company Delta Ventures Resources Inc.

The senator however admitted that he did not have any documentary evidence to back up his claim and that all he has right now are eyewitnesses who he claimed were afraid to come out.

On the other hand, Ongpin, said he is 1,000 percent sure that the former first gentleman had nothing to do with his loans from DBP.

“The fact of the matter is that DBP saw a good opportunity to make major profits and simply took that opportunity.  It was a judgment call on DBP’s part which proved to be totally correct and in the process, earned for the bank a record profit of over P1.3 billion,” Ongpin said.  

He said the senator, should also look at the other transactions made by the bank.

“While he is at it, he should also look into several major loans made to friends and former employers of the present DBP chairman.  Are these loans current or have they been repaid, are they in default, rescheduled, or written off?” Ongpin said.

Ongpin said that he could not understand why Osmeña is intent on picking on him in spite of the fact that his loan from DBP was the first that he ever made from a government bank and “made tons of money for that bank.”

“I ask again, why me and not the others who are more deserving?” he said.