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

Manila Times - - Front Page - BY MAYVELIN U. CARA­BALLO

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

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