Dutae Cronies, Behest Loans and the Marcos Playbook

Ongpin era ends: Greggy Araneta to rebuild Philweb, expand to other gaming sectors. Not the best example of a Dutae crony taking over a cash cow. After all, Ongpin is just another crony of Marcos, who appears to have overstayed his welcome at the helm of Philweb, which is now under the direct control of Araneta, husband of Irene Marcos, and therefore under the direct control of the Marcos family. This is after a much publicized sarswela orchestrated by Dutae himself in order for his patron to take over Philweb, which is practically a license to print money.

Razon to take control of Manila Water. On the shit list of Dutae, Ayala sells out to Dutae crony Razon.

Calida's quo warranto vs ABS-CBN. On the shit list of Dutae, Lopez's ABS-CBN franchise renewal is derailed by Dutae's solicitous lapdog.

The above scenarios of Philweb, Manila Water and ABS-CBN are straight out of the Marcos Playbook as described in Wikipedia below:

Before Ferdinand Marcos came into power, electricity infrastructure in the capital was essentially owned and managed by Don Eugenio Lopez Sr. of the Lopez clan, one of the richest families in the country. The Lopez family owned 33% shares of the Meralco Securities Corp (MSC)., the rest of the shares being owned by the public. To force the senior Lopez to give up his shares, the Marcos government reduced the authorized utility rate increase from 36.5% to 20.9%, forcing Meralco to incur losses. Benjamin "Kokoy" Romualdez, a brother of First Lady Imelda Marcos, controlled this transaction and forced Lopez to transfer his shares to the Meralco Foundation, a newly formed corporation that Romualdez opened.

Sounds familiar, doesn't it? When deemed an adversary of Marcos/Dutae, use government to pummel and destroy the adversary in favor of a crony. It ain't a coincidence that there is no love lost between Marcos and Ayala/Lopez. Ongpin, who was just suppose to keep the bench warm at Philweb, was merely reminded of his place in the pecking order or cronies.

21 banks fueling Dutae's crony Dennis Uy's buying binge.  Among the 21 banks that have loans to Dutae's crony Dennis Uy are several Philippine government or quasi-government banks, including:

Philippine National Bank with a loan of P3.125 billion
Development Bank of the Philippines with a loan of P1.906 billion
Land Bank of the Philippines with a loan of P1.9 billion
Philippine Veterans Bank with a loan of P600 million
United Coconut Planters Bank with a loan of ???
Dennis Uy’s Chelsea seeks government guarantee to cover P700-M loan.

An excerpt in the above article on Chelsea states:

Technically, a state guarantee means PGC would have to shoulder Chelsea’s loans in case of default. Under its program for large accounts, the PGC may repay up to 90% of the borrower’s loan in case of a default.

But Chelsea assured this is far from happening since it has executed a “chattel mortgage” for the vessel it is acquiring that gives lenders the right to confiscate the vessel in case of non-payment.

“Hence, there is no exposure for PGC when it extends this guarantee to the Group,” the disclosure read. (underscore mine)

To suggest that "there is no exposure for PGC (Philippine Guarantee Corp., a Philippine government entity that exists at the behest of Filipino taxpayers) when it extends this guarantee to the Group" is patently false. When the venture fails (after it seizes to enjoy the political patronage of Dutae), the lender will indeed confiscate the vessel and sell the same for centavos on the peso and the balance of the unpaid loan will have to be paid by PGC. So, the Filipino taxpayers are duped again.

In total, the above lists over P8.231 billion of behest government/government guaranteed loans waiting to happen that the Filipino taxpayers will ultimately shoulder as Dutae and crony Dennis Uy (laughing all the way) siphon the money to some secret bank account in China.

Again, straight out of the Marcos Playbook, which is happening all over again right under our noses TODAY. See Behest Loans and Cronies of Marcos. Iba talaga ang confidently ignorant Filipino!