Philippines

1604 readers

9 users here now

Mabuhay at maligayang pag-alis sa Lemmy! ✈️

An abandoned community for the Philippines and all things Filipino! 🇵🇭

Started out as a Reddit alternative during the blackout from Jun 12-21, 2023 with over 1k members in just a few days. Fizzled faster than the "I Didn't Do It" kid after a month until it became the internet's Centralia in less than a year.

Filipino artists whose works were featured on our daily random thread covers.

founded 1 year ago

MODERATORS

From Shopping Malls to Agri-Business: Here's the Story of Ever Gotesco (So Far) (lemmy.world)

submitted 1 year ago* (last edited 1 year ago) by decadentrebel to c/philippines

2 comments fedilink hide all child comments

https://www.esquiremag.ph/long-reads/features/history-ever-gotesco-a00289-20230811-lfrm?ref=home_featured

There is, however, a shopping mall chain that’s been around for decades that might be familiar to urban dwellers. Ever Gotesco was once a major player in the retail industry, with several malls spread out around Metro Manila and nearby provinces. But today it is a shadow of its former self and has gradually diversified its business into other industries.

you are viewing a single comment's thread
view the rest of the comments

[–] a_tree_with_5_branch 1 points 1 year ago

The Asian financial crisis crippled businesses worldwide and Go wasn’t spared. Because he had incurred debt going into a diversification spree in the early to mid-90s, Go was left to pay for borrowings that had doubled because of the effects of the crisis. OCBC closed on Valentine’s Day 1998, and by October that year, the Bangko Sentral ng Pilipinas’ Monetary Board ordered the bank’s closure, placing it under the receivership of the Philippine Deposit Insurance Corporation (PDIC). OCBC had the dubious honor of being the first bank that became the victim of the 1997 Asian financial crisis. It wouldn’t be the last.

Go and some of his associates would eventually face charges of fraud. In 2021, he was convicted of seven counts of estafa and sentenced to imprisonment for a minimum of four years and two months to a maximum of 19 years, for each of the seven criminal cases. He and his co-accused were also ordered to pay the PDIC P159 million.