Duterte sticks to his decision of accepting Chinese loans
- Asian Market
- 6 months ago
Philippine President Rodrigo Duterte isn’t budging on his decision to borrow from China for infrastructure funding, regardless of his critics’ view that the deal is unfavourable.
According to Duterte’s spokesman, Salvador Panelo, the terms are indeed positive as it’s “not possible” for China to seize the Philippines’ natural resources because the southeast Asian nation is unlikely to default on its obligations.
“The onerous conditions that some say are incorporated in the contracts are standard between lender and borrower to ensure that the lender will get paid.”
China has so far provided $273.3 million in loans to the Philippines for a dam and an irrigation project, according to the Finance Department.
Source: Smart Trend Team