Sen. Bam: Philippines deserves the best, not just friendly deals

Sen. Bam Aquino will file a resolution urging the Congressional Oversight Committee on the Official Development Assistance to conduct a hearing on government dealings with Chinaand other countries to ensure transparency and guarantee that the Filipino people are getting the best deal.

“The government owes it to the people to secure the best agreement, and not pursue a ‘friendly deal’ that will later burden the Filipino people,” said Sen. Bam.

Sen. Bam made the pronouncement after Socioeconomic Planning Secretary Ernesto Pernia said the government plans to secure financing from China for its infrastructure projects through loans that charge an interest rate of two to three percent.

Japan, for its part, only charges between 0.25 to 0.75 percent interest rate.

“It’s not about China or Japan. It’s about finding the best option for our people. The government must bear in mind that in the end, it is the Filipino people who will bear the brunt of these loans through our taxes,” Sen. Bam stressed.

Sen. Bam said the government should set aside its friendship with China and prioritize the welfare of the Filipino people.

”Napakabigat ng kapalit ng pagkakaibigang ito dahil Pilipinas ang mababaon sa utang sa mas mabigat na interes na hinihingi ng China. Ito ang dapat isaalang-alang ng ating pamahalaan,” said Sen. Bam.

Scroll to top