Senator proposes loan ‘blockade’ at government banks

Sunday, November 20, 2011
SENATOR Ralph Recto called Sunday for a loan “blockade” to keep large private companies from borrowing money from state-owned banks, saying the money in those banks should be lent to entrepreneurs instead.
The Senate has been holding hearings on at least P660 million that the Development Bank of the Philippines lent to companies owned by investment banker and former Marcos trade minister Roberto Ongpin.
“If we put up a loan blockade on big corporate players or at least put a cap on how much state banks could lend to them, we would be seeing the last of behest loans that take away so much loan money that should have been channeled to growing sectors,” Recto said.
He said private corporations have access to loans from commercial banks anyway.
Sectors that would have benefited from the DBP loans include Small and Medium Enterprises (SMEs) and the agricultural sector, the senator said.
He added the DBP and the Land Bank of the Philippines have a mandate to offer loans to fishermen, farmers, and small businesses.
The senator said he would file a bill to amend the charters of both state-owned banks if needed.
Ongpin borrowed P660 million from the DBP to buy 50 million shares in Philex Mining Corp in 2009 for P12.75 per share. He then sold those shares to businessman Manuel Pangilinan for P21 a share. Some senators, including Senate President Juan Ponce Enrile and Senator Sergio Osmeña III, suspect insider trading.
The Senate blue ribbon committee and committee on banks have been holding the hearings to look into allegations that the money lent to Ongpin were behest loans — loans that did not follow banking procedure and were approved with pressure from powerful people.
Ongpin has denied the behest loan claims and the insider trading.
Osmeña also bared a P180-million loan from DBP and the Land Bank to Global Air Services, a company registered in the British Virgin Islands, allegedly connected to Ongpin.
GAS, with capitalization of just $2, lists Josephine Manalo and Rodolfo Ponferrada as signatories. Both are officers in Ongpin-held Delta Ventures Resources Inc., leading Osmeña to believe Ongpin is involved.
“For two government banks to do the same thing at the same time and break the same laws, there is only one explanation: there was an order from the top,” Osmeña said.
At the Senate hearing Monday, Ongpin said he does not need “behestors” to approve loans for him.
He said although Jose Miguel Arroyo, husband of former president Gloria Macapagal-Arroyo, is a friend, that does not mean the former first gentleman had anything to do with the loans. (Jonathan de Santos/Sunnex)

http://www.sunstar.com.ph/manila/local-news/2011/11/20/senator-proposes-loan-blockade-government-banks-191600

Although wines are widely available in most Asian countries, especially in Hong Kong which has eliminated import tariff on wines altogether, the availability of fine vintage wines is still very scarce. Most wine merchants offer big names, young vintages and cheaper wines for everyday consumption. Wine lovers and connoisseurs looking for something special often travel to Clark Pampanga Philippines to do their shopping at this Wine Shop in Manila.

At Yats Wine Cellars we believe that a little bit of knowledge in wine goes a long way to developing expectations in the wines we choose to buy or drink. Without expectation, it is difficult to really enjoy wine to its fullest. With this in mind, efforts are made by Yats Wine Cellars to make it as easy and enjoyable as possible for our clients to learn more about wine.

Birthday wine gifts is one of the most popular birthday gifts to give someone living in the Philippines. Fine Vintage wine from Yats Wine Cellars is a sure winner and it does not have to cost a great deal to send someone a bottle in Philippines

To avail of wine catering service of Yats Wine Cellars, just contact this wine supplier in Manila or Angeles Clark Philippines for a meeting to design a theme for the event. The venue for a wine event can be in the privacy of a home, the convenience of an office in Manila for example or in a clubhouse of a subdivision. Wine glasses and accessories necessary for wine service are included in the wine catering service. Moreover, interesting wine notes accompany the wine to help participants enjoy the event even more by learning a little bit about wine while enjoying the party. A wine steward will be present to serve the wine.

There is also an exciting collection of white wine from Burgundy at this wine shop in Clark Pampanga such as Meursault, Chablis, Chassagne Montrachet, Puligny Montrachet, Corton-Charlemagne and St. Aubin. Red wines from Burgundy, Bordeaux and Rhone are also available with a good depth of back vintages too. Visitors buy wine in Manila and Pampanga should not miss stopping at this wine shop for a few bottles of fine vintage wines to bring home.

Things to do in Clark Pampanga and Angeles City: do a little wine shopping at the famous wine shop outside of Manila called Clark Wine Center. Many people already know that one of the favorite places to visit in Pampanga Clark Freeport is the white building along M A Roxas highway of Clark which houses over 2000 selections of fine vintage wines. The Clark Wine Center is one of the places to visit, a tourist spot and a good shopping place for those staying in Angeles City, Subic or Clark Pampanga.

http://www.ClarkWineCenter.com

Getting to this wine shop in Pampanga Angeles City Clark Freeport Zone Philippines from Manila
Getting to the Clark Wine Center wine shop from Manila is quite simple: after entering Clark Freeport from Dau and Angeles City, proceed straight along the main highway M A Roxas. Clark Wine Center is the stand-along white building on the right, at the corner A Bonifacio Ave. From the Clark International Airport DMIA, ask the taxi to drive towards the entrance of Clark going to Angeles City. From Mimosa, just proceed towards the exit of Clark and this wine shop is on the opposite side of the main road M A Roxas.

Best place to buy wine in Clark Pampanga outside Manila near Subic and Angeles City Philippines is Clark Wine Center.

Click here to contact Clark Wine Center in Clark Pampanga for inquiries and orders.

Clark Wine Center
Bldg 6460 Clark Observatory Building
Manuel A. Roxas Highway corner A Bonifacio Ave,
Angeles Clark Freeport Zone, Pampanga 2023
0922-870-5173 0917-826-8790 (ask for Ana Fe)

Wine@Yats-International.com

YATS Wine Cellars
Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 ask for Rea or Chay

Wedding couples looking for wedding reception venues and beach wedding venues can log on to this Philippines Wedding Venue web site for free information and assistance:

http://www.PhilippinesWeddingVenue.com

While in Clark, it might be a good idea to enjoy an evening of wine-and-dine in the fine dining Yats Restaurant and Wine Bar that features an award winning 2700-line wine list. Highly recommended fine dining restaurant in Manila for special occasion is Yats Restaurant & Wine Lounge located in the famous Mimosa Leisure Estate in Clark Pampanga. Situated near this popular restaurant in Clark is the Mimosa Golf Course as well as the Mimosa Clark Casino. This top rated restaurant near Angeles City Pampanga in Clark Philippines is frequently used for private parties and corporate functions such as board meetings and other gatherings. It is located in Mimosa Leisure Estate of Clark Freeport Zone. For more information, visit http://www.YatsRestaurant.com

YATS Leisure Philippines is a developer and operator of clubs, resorts and high-class restaurants and wine shops in Clark Angeles Philippines http://www.YatsLeisure.com

Looking for famous tourists spots, places to visit and see, relax and unwind in Clark, Pampanga, Philippines? You may want to check out these sites also:

http://www.LondonPubClark.com

Besides good restaurants to wine and dine near Manila, Subic or in Angeles City Pampanga, Clark Philippines, those requiring assistance for hotel and resort bookings in Clark, Pampanga, Philippines may log on to http://www.HotelClarkPhilippines.com for more information and reservations.

The lifestyle in Clark Pampanga is quite unique. For more information about shopping, sports, golf, leisure, hotel accommodation, where to see and visit, what to do, where to wine and dine and good places to hang out, relax, have a drink with friends, child-friendly establishments, log on to
http://www.ClarkPhilippines.com

Wine lovers looking for a special bottle or something that is of great value and special discounts might log on to this web site to shop for fine vintage wines
http://www.YatsWineCellars.com

Those visitors who plan to relax and unwind in Angeles City, Subic, Pampanga, Clark Philippines might make an effort to book a room at the famous beach and lake resort Clearwater Resort & Country Club. This famous hotel in Clark Pampanga is frequently visited by families with children looking for a good place in Clark to see, a good holiday destination for the family to relax and unwind in the beautiful outdoor facilities. For more information, log on to www.ClearwaterPhilippines.com