Senator Leila de Lima on Wednesday sought a Senate investigation into the large Chinese loans that can bankroll the bold P8.2-trillion infrastructure plan of the Duterte administrations amid reviews that these will possible put the nation in dire debt or digital debt bondage.
The senator, in submitting decision No. 377, expressed critical concern over analyses carried by Forbes Magazine and Reuters cautioning in opposition to long-term onerous indebtedness underneath the China-espoused “Belt and Road Initiative.”
“The principles of transparency and accountability dictate that the terms of any loan agreement that have the potential of undermining our sovereignty and of mortgaging our children’s future be subjected to extreme scrutiny,” she mentioned.
“It it the duty of Congress to keep the Executive Department in check, through the investigation of and meaningful legislation on financial and economic policies that could affect our country well beyond the current administration,” De Lima added.
Reports mentioned the Duterte administration’s infrastructure program will convey the full national authorities debt from $123 billion to $290 billion.
The administration’s P8.2 trillion infrastructure bundle will financial institution on the monetary help from overseas donors, round $9 billion of that are to be funded by China’s BRI.
“While there is a need to stimulate the economy, there is an even greater need for our economic managers to exercise extreme caution before advising our President to enter into any loan agreement of this magnitude,” De Lima mentioned.
“Lest we end up with a debt that our children, our children’s children and even several generations thereafter will not be able to repay and with commitments that would violate the Constitution or undermine our sovereignty,” she added.