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Manila Bulletin devider devider Palace says nothing wrong with offering country's patrimonial assets as collateral in China loan

Palace says nothing wrong with offering country's patrimonial assets as collateral in China loan

Published Mar 25, 2019 05:55 pm
By Genalyn Kabiling Malacañang found nothing wrong with offering the country's patrimonial assets as collateral in a loan agreement with China. Presidential Spokesman Salvador Panelo (OPS / MANILA BULLETIN) Presidential Spokesman Salvador Panelo
(OPS / MANILA BULLETIN) Presidential Spokesman Salvador Panelo said such loan condition was "standard" even as he assured the government would be able to meet its financial obligation. "Even assuming that is true, I understand that this is standard contract whenever our country gets loans from other countries," he said during a Palace press briefing. "I don’t see anything wrong because I know it will never happen. That is precisely why I am saying that perhaps the economic managers who entered into a contract know that it will never happen,” he added. Supreme Court Associate Justice Antonio Carpio recently warned that China could seize the country's patrimonial assets such as the Reed Bank gas field if the government defaults on the loan payment for the Chico River pump irrigation project. Carpio claimed that the country's $62-million loan pact with China included a provision that the country has waived any immunity over all its assets. Panelo also brushed aside concerns that China could seize the country's assets over a loan default, insisting that the county has never reneged on loan payments. "It’s not a possibility, kasi we will never naman reneged...We are known for paying our obligations," he added. He added the loan agreement with China was a small amount that can be easily paid by the government. Panelo explained that no one could blame the lender for imposing certain loan terms on the borrowers. "What I am saying is the onerous conditions that some are saying incorporated in the contract is standard between lender and borrower to be sure that the lender will be getting what they have lent to the borrower," he added.
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