Middle Market Department II RICHBURG CORPORATION DBP Lending Officers: Aminoding B. Benito-Account Officer AM Sheryl A. Fernandez-Account Officer Rodelyn A. Estebar-Account Officer Assistant AVP Christian Joseph D. Presa-Department Head Airene Petronila D. Estrella- Remedial Management Department Address: Type of Call: Discussion with Remedial for immediate 6A Dama De Noche, San Antonio, Parañaque, 1716 recovery action. Metro Manila Date of Call: For the month of March 2023. Date of Report: April 15, 2022 Calling on: N/A Position: N/A Results of call: The lending unit shared the following with RMD: Business operations were still down despite the resumption of business operations in the country. Revenues were only enough to support day-to-day operations. Most credit facilities from other banks were transferred to Legal or Remedial due to non-payment and non-compliance with the terms and conditions for the accounts that were restructured at Philippine Veterans Bank and BPI, including the payment of DST for the implementation and monthly principal and interest. The equity-raising activity is still ongoing and has no definite timetable. To restructure the loan with terms and conditions suitable for their cash flow. However, the client requested the amortization of DST and a waiver of penalty. In addition to reducing the interest rate to around 4% to 5% to be aligned with the other banks where the borrower had an approved restructuring plan but turned sour later on due to non-payment. The lending unit requested expertise from RMD to implement immediate bank recovery actions. RMD recommended the following: To gather all the required documents for the transfer of account to RMD. To timely submit quarterly classified loans report. To regularly send statement of account and collection letter to client. Remarks and Recommendation Follow-up required and Target Date Close monitoring of submission of required documents Continuing Conduct verification with other account officers of Richburg from various banks to know the status of the loan and approved terms and conditions.
Distribution Prepared by:
Department Head Crecom ___
Group Head CEO ___ AMINODING B. BENITO Sector Head Board ___ Noted by: