Davao businessman Dennis Uy recently asked President Rodrigo Duterte for a sovereign guarantee[1] to cover a Php 700 million loan for Uy’s Chelsea Logistics[2]. Eyebrows rose, of course, including those of Bayan Muna chairperson Neri Colmenares[3].
A Sovereign Guarantee is a Government assurance that it will pay loans should the original debtor fail to pay them[4]. That is, a sovereign guarantee means taxpayers will pay Chelsea’s loans if Chelsea fails to, after all.
Yes, I do understand the uproar, but, but I believe it’s still premature. For one, Malacañang has not even considered Uy’s request yet. Uy asked for a sovereign guarantee, but the President has not yet given one.
Besides, I sincerely doubt that Uy is a Lopez.
Wait! What? ABS-CBN’s Lopezes again? Yes, those Lopezes again.
