Dennis Uy a Duterte crony? Udenna president says don't be so quick to judge

Jessica Fenol, ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img alt="Udenna Corp Chairman and CEO Dennis Uy at the sidelines of the forum attended by Malaysian Prime Minister Mahathir Mohammed at the Makati, Shangri-La, March 07, 2019. Jonathan Cellona, ABS-CBN News/File" src="http://sa.kapamilya.com/absnews/abscbnnews/media/2021/tvpatrol/11/12/business-dennis-uy-forum-industry-makati-trade-udenna-corp-jc-2919.jpg"/><figcaption>Udenna Corp Chairman and CEO Dennis Uy at the sidelines of the forum attended by Malaysian Prime Minister Mahathir Mohammed at the Makati, Shangri-La, March 07, 2019. Jonathan Cellona, ABS-CBN News/File</figcaption></figure></div>MANILA - Udenna Corp president Raymundo Escalona became emotional on Thursday as he faced members of the business community and the media to answer accusations thrown at the firm and its officials, especially Davao-based businessman Dennis Uy. “You know Filipinos, sometimes, when they hear something negative in the press…The saying ‘if there’s smoke, there’s fire’ - it&#x27;s really unfair,” Escalona said. The Udenna official also denied allegations that Uy, who was one of the biggest contributors to President Rodrigo Duterte’s 2016 campaign, was a crony of the President.Since Duterte’s rise to power, Uy’s business empire has grown at a breakneck pace, catapulting him to the ranks of the richest men in the country. The meteoric growth of Uy’s empire sparked accusations that he receives preferential treatment from the state. <ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/10/26/21/malampaya-sale-to-udenna-most-incredible-crony-deal-in-history-complainant">Malampaya sale to Udenna ‘most incredible crony’ deal in history, says graft complainant</a></li>	<li><a href="https://news.abs-cbn.com/business/07/11/17/philippines-new-tycoon-rises-from-dutertes-davao ">Philippines&#x27; new tycoon rises from Duterte&#x27;s Davao</a></li></ul>Recently, Uy partnered with <a href="https://news.abs-cbn.com/business/11/07/18/china-telecom-dennis-uy-firms-partner-for-third-telco-bid">China Telecom</a> to set up the country&#x27;s third major telco DITO Telecommunity, in a direct challenge to PLDT and Globe Telecom.A recent acquisition is the Malampaya gas field project, which is now being probed in the Senate.Udenna, through its subsidiaries, acquired 90 percent of Malampaya after buying the shares of Chevron and Shell. This sparked complaints from private parties and a Senate investigation. Udenna however has maintained that the deal is legal and above board.Escalona said Uy does not deny having close ties with the President and former Davao City Mayor. But Uy is &quot;not political&quot;, Escalona said, and proof of this is that the Davao tycoon hired him despite being in the camp of Senator Grace Poe in 2016. &quot;If Dennis (Uy) is truly a political person, ask yourself… Dennis knows I’m critical about, with all due respect with the Duterte administration, would you even think he would consider me joining the group? One having to have a major role in the Udenna conglomerate?&quot; he said. &quot;If that’s a person who is political, why would he consider me to join, and yet he did because Dennis is also a dedicated professional,&quot; he added.But how did Uy&#x27;s empire grow explosively in the last 5 years? Escalona said it was because of the businessman&#x27;s sheer belief in President Duterte.“He said ‘I know the Mayor and I know his sincerity and I believe in my heart that the economy will improve in the next 6 years. Now is the time that we should take a gamble and explore doing other businesses.’” The Udenna official added that if Uy was getting special favors from the government, the company would have secured private-public partnership deals. “If Dennis is indeed one that will get favors in government, don’t you think it easy to get the approval of PPPs, which will certainly merit more cash flow for the group? We never got approval,” he added.Like other conglomerates, Uy&#x27;s firms are subject to government scrutiny, sometimes even stricter reviews than other companies, Escalona said. He pointed to DITO&#x27;s technical audits, which stipulate that the telco’s license can be revoked if it doesn’t meet its <a href="https://news.abs-cbn.com/business/02/22/21/dito-logs-speeds-of-507-mbps-for-5g-85-mbps-for-4g-passes-audit-ntc">commitments</a>.Globe Telecom and PLDT were never subjected to similar technical audits, he said.Like other large firms, Udenna is also having financial problems because of the pandemic, Escalona said. This is aggravated by controversies such as the allegations against the Malampaya deal. “It’s already affecting my and the group’s ability to be able to financially close pending transactions,” he added.He said these accusations could be attacks on those who are close to the administration like Uy.Escalona said the public should give Udenna and Uy the benefit of the doubt and study the facts before making accusations. <ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/news/10/26/21/malampaya-sale-to-udenna-most-incredible-crony-deal-in-history-complainant">Malampaya sale to Udenna ‘most incredible crony’ deal in history, says graft complainant</a></li>	<li><a href="https://news.abs-cbn.com/business/10/19/21/cusi-dennis-uy-face-graft-complaint-over-malampaya-sale">Cusi, Dennis Uy face graft complaint over sale of Chevron&#x27;s stake in Malampaya</a></li></ul>Uy has not released a statement on the matter.<div>RELATED VIDEO:</div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=1834287" width="100%"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

Udenna Corp president Raymundo Escalona became emotional on Thursday as he faced members of the business community and the media.

Dennis Uy a Duterte crony? Udenna president says don't be so quick to judge | ABS-CBN

Entertainment

News

Metro.Style

Sports

More

Business

Dennis Uy a Duterte crony? Udenna president says don't be so quick to judge

Dennis Uy a Duterte crony? Udenna president says don't be so quick to judge

Jessica Fenol,

ABS-CBN News

Published Nov 18, 2021 06:44 PM PHT

Read More:

Dennis Uy

Malampaya gas project

Udenna Corp

Udenna

Phoenix Petroleum

Chelsea Logistics

DITO Telecommunity

Raymundo Escalona

Marty Escalona

ABS-CBN is the leading media and entertainment company in the Philippines, offering quality content across TV, radio, digital, and film. Committed to public service and promoting Filipino values, ABS-CBN continues to inspire and connect audiences worldwide.

Corporate

Investors

Governance

International Distribution

Corporate

Governance

Investors

International Distribution

NPC Seal of Registration

Privacy Policy

Terms of Service

Advertise with Us

© 2025 ABS-CBN Corporation. All Rights Reserved.

NPC Seal of Registration

Advertise with Us

Privacy Policy

Terms of Service

© 2025 ABS-CBN Corporation. All Rights Reserved.