Roxas questions ZTE deal

Monday, September 3, 2007 | posted in , , , , | 0 comments


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.


About The Blogger
Kevin Ray N. Chua

Kevin Ray N. Chua is a 19 year-old blogger from Cebu City, Philippines and an IT Student at Cebu Institute of Technology.

He is currently the Secretary General of the CIT-SSG.

Know more about the blogger.

Feel free to contact the blogger.
0 Responses So far

Post a Comment

Thanks a lot for visiting the Mar Roxas for President in 2010 Blog!

If you have comments, suggestions or reactions in relation with the post, please don't hesitate to write them here. Click here if you want to contact the blogger.

Suggest blog articles about Mar Roxas here. Click here!

Get Involved!