Chinese envoy guarantees PH won’t fall into ‘debt trap’

Chinese Ambassador to the Philippines Zhao Jianhua said that President Duterte and other economic managers are wise enough not to allow the country to head into a “debt trap,” as opposed to claims of some experts and lawmakers.

Even with the country making Chinese loans to fund its multibillion-peso ‘Build Build Build’ infrastructure program, Zhao assured that falling into a “debt trap,” which some assert as a consequence of such move is far from happening.

“Under the wise leadership of President Duterte and economic management team headed by Secretary Dominguez, they are smart enough not to allow the Philippines to fall into the so-called debt trap,” he said at the groundbreaking ceremony for the Binondo-Intramuros bridge that is to be built by the Chinese government for free.

He further said that “there will be no question of the Philippines putting itself in debt” because the government “will use some Chinese soft loans to finance some infrastructure projects” and the “infrastructure project will be undertaken by a Chinese company through limited bidding process.”

“Actually, there has never been a debt trap. It’s all based on mutual agreement,” he said.

(DAILY NEWS ROUND UP FOR 07/ 18 /18)