TANGUB, Misamis Occidental – Reelectionist Sen. JV Ejercito yesterday lauded the decision of President Duterte to order a review of contracts on concession agreements and foreign loans of the Philippines with other countries.
Ejercito said the move will help government get rid of onerous loan agreements that could put the Philippines into a debt trap.
Duterte had ordered the Department of Justice to review all concession pacts and foreign loans as critics continued to assail government over allegedly onerous contracts that the Philippines has agreed with China.
In a media interview after the Hugpong ng Pagbabago campaign sortie here, Ejercito aired his “bias” for loan offers from Japan over similar agreements with China.
“Personally, I am more confident in Japan. They have friendlier rates,” he said.
The HNP senatorial bet who received strong re-election endorsement from Davao City Mayor Sara Duterte said that unlike Japan which offer loan contracts that will help the country, a loan pacts are profit-oriented for China.
“I’m sorry but China seems to be more of a business. Business first before assistance,” noted Ejercito.
The senator said China’s loan offer contain provisions that are less agreeable as compared to Japan and this includes the interest rates and other conditions that place Philippines in a disadvantageous position.
“Medyo mas mataas ang kanila. Tapos ang supply manggagaling sa kanila, design kanila, lahat sa kanila,” he lamented.
“It’s a good move by the President, especially the review of big ticket items in the ‘Build, Build, Build’ program,” the administration senator stressed. (Ben Rosario)