Presidential Spokesperson Salvador Panelo made the statement after Mahathir said last week that the Philippines can be put under the control of China if the country is not able to pay back the loans. “If you borrow huge sums of money from China and you cannot pay, you know when a person is a borrower he is under the control of the lender, so we have to be very careful with that,” Mahathir said in an interview with ANC last week. The 93-year-old leader who was on a two-day official visit to Manila, also said that Malaysia has shelved two China-funded projects last year, citing unfavorable terms to his country.
of course, the gov't claimed the authorities here really really examined the loans to check they are okay.
Last week, senatorial candidate Neri Colmenares raised concern about an “onerous” and “one-sided” loan agreement between the Philippines and China, referring to the loan agreement for the Chico River pump irrigation project. The project broke ground in June 2018, and was among six bilateral agreements signed in April last year.
ABSCBN wonders it is a debt trap:
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the anti Duterte webnews site, Rappler article from last November analyzes the deal.
First, BRI has a proven capacity to wreak mayhem in the finances of participating countries: more and more have found themselves buried in debt – and therefore beholden – to China. Some of those that have fallen for China’s so-called “debt-trap diplomacy” include Djibouti, Kenya, Maldives
the article goes on to show how countries ended up giving up resources and even sovereignty to China when they find they can't pay the loan back.
Some of the projects even threaten the ecology of these countries.
Heh. you don't say.... you mean, like destroying the ecosystem in the fishing grounds of the Philippines when they dig up the sea bed to make their artificial islands?
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