* "Pero yo lo entiendo" - "But I understand it"
* "Hable" - "Speak" (imperative form)
Putting these together, it seems like the speaker is trying to say something like:
* "But I understand it as if you were speaking"
* "But I understand what you're saying" (This would be a more natural way to express this in English)
The speaker is acknowledging that there might be a problem with the way something is being said, but they are still able to understand the meaning.