The Duterte regime is on track to make the Philippines a debt colony of China through overpriced infrastructure projects and sell out to China the sovereign ownership of the oil and natural resources under the West Philippine Sea through a scheme in which China, like Shell in Malampaya, overvalues the costs of exploration and development and recovers first said costs before the Philippines can get anything from the 60-40 per cent sharing of net profit from production.
PH, China set to sign 10 loan agreements
By RALPH VILLANUEVA
on August 30, 2018
AT least 10 loan agreements to fund infrastructure projects of the Philippines will be signed with China when Chinese President Xi Jinping visits the country in November, Budget Secretary Benjamin Diokno said on Wednesday.
“At least 10 … These are all 10 loan agreements to be signed for projects,” Diokno told reporters in a chance interview after a breakfast forum in Manila.
The loan agreements will fund 10 projects included in two baskets set to be financed by the Chinese government, he said.
The first basket includes the Chico River Pump Irrigation Project, the New Centennial Water Source-Kaliwa Dam Project, the Philippine National Railways (PNR) South Long Haul Project and the Binondo-Intramuros and Estrella-Pantaleon Bridges Construction Projects.
The second basket includes the Safe Philippines Project Phase 1, the Subic-Clark Railway Project, the construction of five bridges across the Pasig-Marikina River and Manggahan Floodway and the Ambal-Simuay River and Rio Grande de Mindanao River Flood Control projects.
“We are very careful in the process. And our rule of thumb is, if the project gives us a rate of return of at least 10 percent or higher, then it’s a go because we can borrow at a much lower cost,” Diokno said.
The projects are part of the government’s centerpiece Build, Build, Build infrastructure program.
The mega infrastructure program, worth P8.4 trillion, aims to reduce the country’s poverty rate to 13-15 percent by 2022 from the current 21.6 percent.
Increased public spending on infrastructure — targeted to hit P8-9 trillion over the Duterte administration’s six-year term — is expected to boost industries, create jobs and uplift the lives of Filipinos.
Malacañang spokesman Harry Roque Jr. said in April that Xi would visit the country from November 12 to 18 after the Asia-Pacific Economic Cooperation Leaders’ Meeting in Papua New Guinea.
During President Rodrigo Duterte’s visit to China for the Boao Forum for Asia four months ago, he and Xi witnessed the signing of six bilateral agreements.