From http://newsinfo.inquirer.net/breakingnews/nation/view_article.php?article_id=86274
Sen. Manuel “Mar” Roxas II is questioning the Arroyo administration’s undue haste in forging a $1.8-billion loan deal with China for several big-ticket projects, including the controversial $329-million national broadband network deal with ZTE Corp. of China.
Sen. Manuel “Mar” Roxas II is questioning the Arroyo administration’s undue haste in forging a $1.8-billion loan deal with China for several big-ticket projects, including the controversial $329-million national broadband network deal with ZTE Corp. of China.
“Contrary to the position of the Department of Finance, it is highly unusual for the government to enter into a blanket loan with China Export-Import Bank without defining what this loan is for,” said Roxas in a statement.
“In our history, the government has been littered with rushed and secret contracts that have only resulted in disputes and abuse. Now we are signing a P90 billion loan agreement for a project whose contract we have yet to see and which obviously was the result of political lobbying rather than public interest,” he said.
Finance Secretary Margarito Teves signed a $400-million credit line with executives of China Export-Import Bank which pushed the country’s Chinese credit line to $1.8 billion.
The new credit facility is likely to be used to bankroll ZTE’s contract to establish a broadband network for the government. The project was initially pushed as a build, operate and transfer project at no cost to the government.
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The new credit facility is likely to be used to bankroll ZTE’s contract to establish a broadband network for the government. The project was initially pushed as a build, operate and transfer project at no cost to the government.
Read more...
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