Sunday, March 18, 2018

On expensive China loans/ODA

On February 21, 2018, Philippines Defense Forces Forum posted this photo and brief note:

NEDA secretary Ernesto Pernia admits China's interest rate of 3% is much higher than Japan's 0.25%-0.75%, in talk in front of businessmen and economists this afternoon.

Asked why the government is availing more of China's expensive loans than Japan's cheaper offer Pernia could only reply "Because we need more friends". #IdolNiDuterte #ChinaPuppet


It was Dr. Ciel Habito who asked Pernia that questions. Now notice this statement: 

"Pernia admits China's interest rate of 3% is much higher than Japan's 0.25%-0.75%... because 'we need more friends.'"

Ok, PH taxpayers are "less friends" of the Duterte administration that is why we must pay more taxes via TRAIN and they will give more money to their "more friends" China Communist Party. Magaleeeng.

To the Dutertenomists and TRAIN rah-rah boys and girls -- eto abangan nyo: the main purpose of "more revenues via TRAIN" is not exactly more infra but more payment for China loans. We have NLEX, SCTEX, TPLEX, SLEX, STAR, CAVITEX, NAIAEX, Skyways, etc even without big tax hikes. Lots of "hybrid PPP" were actually integrated PPP before President Duterte came to power.

Integrated PPP means no need for new ODA, new loans from China or elsewhere, no need for tax-tax-tax because the private builders of those big infra have the financial, technical and engineering resources, network to build those behemoth structures at minimal cost to taxpayers (only right of way cost, etc). Hybrid PPP means more loans, especially from the China communist party.

Recall also that when Ernesto Pernia was newly appointed as NEDA chief, he justified the series of drugs murders as "necessary evil." 

Tweets February 21:

@bendeveraINQ (Ben Arnold de Vera)
@SecPernia: First basket of infra projects for Chinese financing includes Kaliwa Dam, Chico River Pump Irrigation, North-South Railway south line between Manila and Bicol.

@Noysky
Replying to @bendeveraINQ @SecPernia @InquirerBiz
Wow, tax-tax-tax de TRAIN so that PH govt can pay these big loans fr China? Horrible. These shd be integrated PPPs and not charged to taxpayers.

Gus Cosio @gus_cosio
Replying to @ClaireJiao @Noysky @cnnphilippines
Japan offers better quality performance at cheaper cost. Why in heaven’s name will you burden us with this preposterous idea?

@bendeveraINQ
@SecPernia: But the Japanese had been slow in process of financing projects, while the Chinese has become more aggresive @InquirerBiz

@bendeveraINQ
@SecPernia: Chinese loans, at best, slapped 2-3% interest per annum vs. Japan soft loans/ODA at 0.25-0.75%, but we haven’t signed loan agreements with China yet DD-biz-INQUIRES_

@bendeveraINQ
Pernia: We don’t want a repeat of our previous experience with China (referring to NBN-ZTE deal), that’s why PH and Chinese govts established vetting process for Chinese firms bidding for PH projects under @NEDAhq ICC @InquirerBiz.

Now see this report,

3 Chinese firms interested in Kaliwa dam
February 16, 2018 | 12:15 am

"Under the previous administration, the P18.72-billion Kaliwa dam had two pre-qualified bidders, which are now out of the picture... It used to be a public-private partnership, with MWSS as implementing agency.

Since the project is funded by ODA from China, Mr. Velasco said there will be no pre-qualification stage since the Chinese embassy identifies the three pre-qualified companies."

Another big China loan, contractors and suppliers identified by China embassy, very likely cronies of the China Communist Party. PH goverment agencies will wait for the terms and say "Yes", and PH taxpayers will pay for the bill, courtesy of TRAIN de tax-tax-tax. 

From sir Doy Segundo E Romero, Feb. 22:

"ON CHINA'S HEGEMONIC ACTIONS AGAINST THE PHILIPPINES
A few weeks ago, an EU ambassador posted in Sri Lanka repeated to me what a Chinese diplomat told him: 'No big deal. The Philippines is not even a real country.' Nasaktan talaga ako."

Last week, Dr. Pernia replied in my fb wall where I tagged him on this subject. He wrote,

"Nonoy Oplas got it all wrong — making a comment without even knowing the context. Rather unscholarly and malicious!"

I replied, "Ok Sir Ernie, what is the non-malicious explanation why (a) PH government should get new foreign loans when many projects were already under integrated PPP (not "hybrid" that require new loans, or new public spending and hence, new taxes), and (b) why China loans considering that China interest rates are high, and China Communist Party is a theft of PH territory?

I will apologize for my statements above if these can be clarified. Thank you."

As I expected, no further reply or clarification.

5 comments:

Dr Aliu Shadira said...

$$$ GENUINE LOAN WITH 3% INTEREST RATE APPLY NOW $$$.
Do you need finance to start up your own business or expand your business, Do you need funds to pay off your debt? We give out loan to interested individuals and company's who are seeking loan with good faith. Are you seriously in need of an urgent loan contact us.
Email: shadiraaliuloancompany1@gmail.com

LOAN APPLICATION DETAILS.
First Name:
Last Name:
Date Of Birth:
Address:
Sex:
Phone No:
City:
Zip Code:
State:
Country:
Nationality:
Occupation:
Monthly Income:
Loan Amount:
Loan Duration:
Purpose of the loan:
Email: shadiraaliuloancompany1@gmail.com


$$$ GENUINE LOAN WITH 3% INTEREST RATE APPLY NOW $$$.
Do you need finance to start up your own business or expand your business, Do you need funds to pay off your debt? We give out loan to interested individuals and company's who are seeking loan with good faith. Are you seriously in need of an urgent loan contact us.
Email: shadiraaliuloancompany1@gmail.com

LOAN APPLICATION DETAILS.
First Name:
Last Name:
Date Of Birth:
Address:
Sex:
Phone No:
City:
Zip Code:
State:
Country:
Nationality:
Occupation:
Monthly Income:
Loan Amount:
Loan Duration:
Purpose of the loan:
Email: shadiraaliuloancompany1@gmail.com

Avit Investment said...

Private Lender Bentex Funding Group Ltd.
Greetings to you by (BFGL).
We are a France-Paris based investment company known as Bentex Funding Group Ltd working on expanding its portfolio globally and financing projects.

We would be happy to fund and invest with you in any profitable project if you have any viable project we can finance by making mutual investment with you. If you are interested, kindly contact us on:avitinvestmentauthority2@gmail.com for more details.
Looking forward hearing from you soonest.
Yours truly,
Mrs Rose Larsson.
(Personal Assistant)
Bentex Funding Group Ltd(BFGL)
509 Rue Jacques Coeur,75008 Paris-France
Paris-France.Bentex Funding Group Ltd (BFGL)

Park Wood said...

Dear Customers.

We invite you all to participate in our new business and project funding program, We are currently funding for Business start-up Business developments, Business acquisition Business expansion, Project funding and Working capital etc.

This Funding program allows a client to enjoy 3% low interest rate and payback period of 1 to 35 years. We can approve a loan/funding for up to $500,000,000.00 or more depending on the nature of business we are currently funding for and we satisfy our customers’ financial needs and help them succeed

Application Available
Apply via email: standardonlineinvestment@gmail.com

Standard Online Finance said...

Are you a business man or woman? Do you need funds to start up your own business? Do you need loan to settle your debt or pay off your bills or start a nice business? Do you need funds to finance your project? We Offers guaranteed loan services of any amount and to any part of the world for (Individuals, Companies, Realtor and Corporate Bodies) at our superb interest rate of 3%. For application and more information send replies to the following E-mail address: standardonlineinvestment@gmail.com
Thanks and look forward to your prompt reply.
Regards,
Muqse

Avit Investment said...

Private Lender Bentex Funding Group Ltd.
Greetings to you by (BFGL).
We are a France-Paris based investment company known as Bentex Funding
Group Ltd working on expanding its portfolio globally and financing
projects.

We would be happy to fund and invest with you in any profitable
project if you have any viable project we can finance by making mutual
investment with you. If you are interested, kindly contact us
on:avitinvestmentauthority2@gmail.com for more details.
Looking forward hearing from you soonest.
Yours truly,
Mrs Rose Larsson.
(Personal Assistant)
Bentex Funding Group Ltd(BFGL)
509 Rue Jacques Coeur,75008 Paris-France
Paris-France.Bentex Funding Group Ltd (BFGL)