[ad_1]
Metro Manila (CNN Philippines, November 28) – It is impossible for the Philippines to fall into the trap of Chinese debt, according to the Chinese Ministry of Foreign Affairs.
"Chinese borrowing is only a very small part of the Philippines' external debt." It is impossible for the Philippines to fall into the so-called "debt trap" because of these loans, "said the door on Tuesday. – Foreign Ministry Spokesman Geng Shuang at a press briefing in Beijing.
He also said that China has since funded relevant infrastructure projects at the request of the Philippines, in accordance with the "Build, Build, Build" program of the Duterte Administration.
"We believe that the projects will further improve livelihoods and spur economic growth in the Philippines by giving a new impetus to its national development," said Geng.
Geng was responding to Finance Secretary Sonny Dominguez's remarks on Monday criticizing "uninformed" critics that asking for help from China and Japan would not endanger the indebted country to China.
"This is totally unfounded, and the funds we have used are low-interest loans with the lowest possible interest rates and the longest possible arrangements," Dominguez said on Monday.
He explained that the Philippines' estimated debt to the Chinese government at the end of 2018 will represent about 0.65% of the total debt of the Philippines arising from a current project of 0.11.
The finance chief added that the loans contracted by the Philippines from China will account for only 4.5% of the total debt of the country at the end of the Duterte administration and when most of the projects in the country are under way. infrastructure have already been funded.
Mr. Dominguez also said that the Philippines would lead the ongoing projects and that the Chinese government could only submit an offer on the projects it wished to finance.
"This is the way this administration, on the orders of President Duterte, protects the Philippines against unnecessary projects carried out by agencies outside the Philippines," said Dominguez.
The 29 agreements signed between Manila and Beijing during Chinese President Xi Jinping's official visit to the Philippines include a program of infrastructure cooperation, cooperation agreements on infrastructure projects in the Davao region and Implementation Agreements related to feasibility studies for the Davao City Highway Project. the Panay-Guimaras-Negros Island Bridges Project.
READ: Diokno: PH does not run the risk on Chinese loans
[ad_2]
Source link
