Opposition Sen. Leila de Lima is pushing for a Senate inquiry into the terms and conditions of the loans entered into by the Duterte administration under its “Build, Build, Build” program to assess their impact “on the economy and national security.”
In filing Senate Resolution No. 628, De Lima said Congress must be involved, through its oversight functions, in the negotiation of the loan agreements.
“It is incumbent upon Congress to scrutinize all loan agreements of this magnitude entered into by the government to protect our country from onerous and odious provisions …” she said.
The Duterte administration plans to spend P8 trillion on the infrastructure program over the next five years, funded mostly by foreign loans and overseas development assistance.
De Lima also expressed concern over what she said was the administration’s lack of transparency over the terms of Chinese loans to fund the program.
“Tying the Philippines to huge monetary indebtedness to China will also … impact on the conduct of our foreign relations, and most certainly will be used by China as a leverage against us in its effort to undermine our claims [in the West Philippine Sea],” said De Lima. —JOCELYN R. UY