Drilon: SEA Games facilities built by P11-B loan from Malaysian bank
MANILA, Philippines — A loan worth P11 billion from a Malaysian bank was used for the construction of facilities in New Clark City for the Southeast Asian (SEA) Games which the Philippines will be hosting, Senate Minority Leader Franklin Drilon bared Thursday.
Drilon pointed out there is a deficit amounting to P624 billion in the budget this year and part of this would be intended to fund the SEA Games.
“Remember that we, in this budget this year, we have a deficit of P624 billion for which we have to borrow in order to finance that deficit at an interest of I don’t know how much,” Drilon said in an interview over ANC’s Headstart.
“But part of that deficit or 2 and a half percent of that deficit would be the cost of staging these games,” he added.
Asked what makes the funds questionable, Drilon said the country is incurring a loan from a Malaysian bank, which he did not specify, worth P2.2 billion payable in five years.
“We have a deficit of P624 billion, P9 and a half or P10 billion of that would be because of the facilities that we built,” Drilon said.
“We are incurring a loan here. Inutang natin ito from a Malaysian bank. That would be payable in five years time at P2.2 billion per year. So that’s a total of P11 billion. So it was financed by borrowing, mind you,” he added.
The Senate recently recalled the P15.5 billion budget of the Bases Conversion and Development Authority (BCDA) after concerns were raised regarding the newly constructed facilities for the SEA Games.
Drilon had also earlier questioned the P50-million worth cauldron intended to be used during the opening of the SEA Games which the country will be hosting from November 30 to December 11.
Due to these questions, Drilon said he would be filing a resolution seeking an inquiry into how much was spent by the government in staging the SEA games.
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