The Philippines has entered into an “onerous” loan agreement with China for an irrigation project in the Cordillera, former Bayan Muna Rep. Neri Colmenares said on Wednesday. ADVERTISEMENT“The loan agreement for the Chico River Pump Irrigation Project is onerous and highly favors China. The project is covered by a 20-year loan with Export-Import Bank of China as lender and the Philippine government as borrower. But the terms of the funding deal highly favor China, which is guaranteed payments of high interest rates and preference for Chinese contractors, Colmenares said. Patrimonial propertyUnder a “vaguely worded” provision, the agreement will allow China to own patrimonial property in the country, according to Colmenares.

Source: Philippine Daily Inquirer February 27, 2019 21:11 UTC