{"id":225827,"date":"2019-08-05T21:46:17","date_gmt":"2019-08-06T01:46:17","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=225827"},"modified":"2019-08-05T21:46:17","modified_gmt":"2019-08-06T01:46:17","slug":"dominguez-vows-to-recoup-funds-used-in-saving-ucpb","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2019\/08\/05\/dominguez-vows-to-recoup-funds-used-in-saving-ucpb\/","title":{"rendered":"Dominguez vows to recoup funds used in saving UCPB"},"content":{"rendered":"<figure id=\"attachment_222278\" aria-describedby=\"caption-attachment-222278\" style=\"width: 1350px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2019\/07\/20180108-ph-JAL1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-222278\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2019\/07\/20180108-ph-JAL1.jpg\" alt=\"\" width=\"1350\" height=\"900\" srcset=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2019\/07\/20180108-ph-JAL1.jpg 1350w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2019\/07\/20180108-ph-JAL1-768x512.jpg 768w\" sizes=\"auto, (max-width: 1350px) 100vw, 1350px\" \/><\/a><figcaption id=\"caption-attachment-222278\" class=\"wp-caption-text\">FILE: Finance Secretary Carlos Dominguez III explains how the implementation of the Republic Act No. 10963 or the Tax Reform for Acceleration and Inclusion (TRAIN) law can benefit the citizenry and the government during a press briefing at the New Executive Building in Malaca\u00f1ang on January 8, 2018. TOTO LOZANO\/Presidential Photo<\/figcaption><\/figure>\n<p><strong>MANILA<\/strong>\u00a0\u2013 Finance Secretary Carlos Dominguez III said that all means will be exhausted to recover government&#8217;s investment in United Coconut Planters Bank (UCPB), which may be due for privatization.<\/p>\n<p>He said the bank is now a government-owned and controlled corporation (GOCC) based on a Supreme Court (SC) decision since it was acquired using government funds.<\/p>\n<p>He said they are evaluating what to do with the financial institution, which is among the companies bought by former Marcos cronies using taxes collected from coconut farmers in the 1970s and 1980s.<\/p>\n<p>He explained that the government supported UCPB for many years and has sunk in it at least PHP42 billion that, he said, will be recovered through several modes \u201cother than privatization.\u201d<\/p>\n<p>\u201cI\u2019m still trying to look at all the cost of money involved. It\u2019s probably P100 billion already,\u201d he said.<\/p>\n<p>Dominguez said he has asked the Philippine Deposit Insurance Corporation (PDIC) to calculate the amount that the government has spent so far to help UCPB but has also asked his staff to make comparisons.<\/p>\n<p>\u201cAs chief financing officer of the country I\u2019d like to get back everything that we have there. I think that\u2019s the goal. Now how we do it is it through privatization or other means,\u201d he said but pointed out that \u201cI\u2019m pretty sure that privatizing it is not going to do it.\u201d<\/p>\n<p>UCPB was placed in a 10-year rehabilitation plan that started in 2008.<\/p>\n<p>PDIC President Roberto Tan said the agency provided UCPB PHP20 billion worth of loan assistance, namely PHP12 billion worth of capital notes and PHP8 billion of purchase-of-assets without buyback.<strong><em>\u00a0<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>MANILA\u00a0\u2013 Finance Secretary Carlos Dominguez III said that all means will be exhausted to recover government&#8217;s investment in United Coconut &hellip;<\/p>\n","protected":false},"author":44,"featured_media":222278,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-225827","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","mauthors-joann-villanueva","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/225827","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=225827"}],"version-history":[{"count":1,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/225827\/revisions"}],"predecessor-version":[{"id":225828,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/225827\/revisions\/225828"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/222278"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=225827"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=225827"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=225827"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}