Hanjin default to ‘ hurt’ but won’t hamper banks

LOCAL banks with loan exposures to a bankrupt Korean-owned shipbuilder will be working together to address the potential impact of a looming

“It’s going to hurt but it’s certainly not going to end up hampering them,” said Finance Secretary Carlos Dominguez 3rd, who also chairs Land Bank of the Philippines (Landbank) — one

insolvency of Subic- based Hanjin Heavy Industries and Construction Philippines.

corporate rehabilitation, reportedly owes Landbank — along with BDO Unibank, Inc., Rizal Commercial Bank- forward from here,” Dominguez said.

LandBank’s $85-million loan exposure to Hanjin will not affect the stateowned lender’s stability going forward, he added.

“I don’t know the exact exposure of