STATE-RUN Land Bank of the Philippines (LBP) stands to lose P2 billion in mortgaged properties from the bankrupt Paper Industries Corp. of the Philippines (Picop) whose properties in Bislig City, Surigao del Sur have been under plunder by alleged impostor labor claimants.
Once the biggest pulp and paper mill in Asia that employed 20,000 but now under Securities and Exchange Commission (SEC) receivership, Picop is bound to surrender its assets to LandBank which has foreclosed these due to loan non-payment.
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