Poe says renegotiation of China loans an ‘auspicious’ opportunity

Sen. Grace Poe, chairperson of the Committee on Public Services. PRIB file photo / Bibo Nueva España

MANILA, Philippines — The renegotiation of loan agreements with China is an “auspicious” opportunity to be able to provide benefits to Filipinos, Senator Grace Poe said on Sunday.

President Ferdinand Marcos Jr. scrapped three railway projects, eyeing negotiating the loans anew with China.

For Poe, the renegotiation of the loan agreements should resolve issues that saddled the prior deals.

“The President’s directive presents an auspicious opportunity to go back to the drawing board and craft deals that are fair and will produce tangible benefits to the Filipino people,” she said in a statement.

“Renegotiation should iron out issues that saddled the previous agreements, including interest rates and payment terms,” she continued.

As Filipinos will be the ones paying for the loans, Poe said Filipinos should not be at the losing end of the deals with China.

“The need to boost our infrastructure should not compromise the best interest of our country,” she said.

“It is the Filipino people who will ultimately repay such loans and we must ensure  that they are not on the losing end,” the senator went on.

Meanwhile, the Chinese Embassy in Manila said China is open for technical discussions on government-to-government projects.

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/MUF