“We will reassess DBP’s integral link with the government depending on the outcome of the probe. We could revise the rating on DBP if the investigation finds improper conduct by the bank, prompting a reorganization of the bank, such that its role and linkage to the sovereign are diluted,” the ratings agency said in a statement.
The DBP currently has a BB debt rating and stable outlook at S&P in line with sovereign ratings.
“In our view, the bank plays a ‘critical’ role as a legally mandated policy bank supporting the government’s development agenda,” S&P said, adding that DBP also has an “integral” link with the government.
Meanwhile, Malacañang urged businessman Roberto Ongpin to prove his innocence before the Ombudsman and not through the media, as it denied allegations that he is the subject of persecution by the Aquino administration.
Presidential Spokesman Edwin Lacierda said in a news briefing Ongpin “need not complicate or muddle the issue” by making such allegations through the media since “the best evidence are in the documents themselves.”
“The DBP believes we have sufficient evidence that we have a behest loan. So what Mr. Bobby Ongpin should be doing is to prove his case before the Ombudsman rather than doing the media rounds and eliciting sympathy,” Lacierda said.
He said the DBP investigation involves determining whether a commercial loan application was in fact a behest loan.
“There is no directive to persecute Mr. Bobby Ongpin....this involves a simple issue. Don’t drag the Palace into this because this is a DBP transaction,” he said.
Ongpin had said he believes he has been singled out because of his ties with former first gentleman Jose Miguel Arroyo.
Ongpin also said the government profited from his loan, which he had paid ahead of the maturity date.
