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Philippine Tycoon Uy’s Business May Face $700 Million Debt Bill

  • DITO Tel signed for loans with Bank of China, report shows
  • Udenna declines to comment due to pre-results blackout period
Dennis Uy in 2018.
Dennis Uy in 2018.Photographer: Veejay Villafranca/Bloomberg

The business empire of Philippine tycoon Dennis Uy, which recently made headlines with a notice of default, may face nearly $700 million worth of loans maturing this year. 

The most recent financial report of Uy-backed DITO CME Holdings Corp., covering the quarter through end March and published in late May, lists subsidiary DITO Telecommunity Corporation - a venture with China Telecommunications Corp. -- as having taken out the money with three different Bank of China Ltd. branches.