Writingspress statementsHigh interest rates of Chinese loans

High interest rates of Chinese loans

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The problem is not only the high interest rate of Chinese loans, which is more than 3000 per cent higher than that of Japanese loans.

The bigger problem is that the infrastructure projects (Chinese equipment, other supplies and labor) are overpriced and that upon loan default the Chinese corporations convert the loans to equity.

The biggest problem is that the Chinese gain further control over Philippine natural resources (including the EEZ and ECS in the West Philippine Sea), the entire Philippine economy and government policies through puppets and dummies..

In view of the foregoing, can we ever expect the GRP under Duterte to agree with the NDFP on the Comprehensive Agreement on Social and Economic Reforms (CASER) which favors national industrialization and genuine land reform?

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