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Manila Bulletin devider Philippines devider National devider Hontiveros urges Marcos gov't not to follow Duterte administration's 'over-borrowing'

Hontiveros urges Marcos gov't not to follow Duterte administration's 'over-borrowing'

Published Nov 11, 2022 11:59 am

Senator Risa Hontiveros on Friday, November 11, called on President Ferdinand “Bongbong” Marcos Jr. not to imitate the Duterte administration’s “over-borrowing” tendencies, saying the government should be wise in handling the public funds.

“Wag sanang tularan ni President Marcos si ex-President Duterte na nagpumilit umutang sa China kahit hindi naman kailangan. Kaya, President Marcos, hinay-hinay lang sa pera ng bayan (President Marcos should not imitate ex-President Duterte who insisted on borrowing money from China even though it was not necessary. So, President Marcos, just take it easy on the people's money),” Hontiveros said as the Senate continues the debates on the proposed 2023 national budget.

During the budget debates, Hontiveros cited the case of two major projects: the Kaliwa Dam (P18-billion) project and the South Luzon Long Haul Rail Project from Calamba to Matnog in Sorsogon (P171-billion).

Both projects are now in limbo as their Chinese investors have yet to make good on their commitment to lend money to the Philippine government to finance these projects.

Hontiveros said the delay “is actually a blessing in disguise.”

“Dapat maiwasan ni Pres. Marcos ang mga dambuhalang utang na naka-amba dahil kay President Duterte, lalo na kung hindi naman pala utang ang kailangan ng mga proyektong ito (President Marcos should avoid the giant debt that President Duterte owes, especially if it turns out that these projects don't need debt),” she said.

“We should do everything so government avoids taking on the heavy loan burden itself,” Hontiveros stressed.

The senator noted there is already a shortlist of private sector proponents that were pre-qualified to bid for these two major projects.

At the same time, Hontiveros encouraged a National Economic and Development Authority (NEDA) review of the economic viability of the Mindanao Rail and of the Subic-Clark Rail projects.

“We have reason to believe that economic evaluation of these projects was not thorough at all. These two projects were also originally offered for China to finance, but the need for them at this time should really be re-examined,” she said.

“Duterte’s pivot to loan financing to the exclusion of PPP for his flagship projects was an unsustainable tactic, and reliance on China for loans even more so,” she stressed.

The lawmaker was then able to secure the commitment of NEDA Secretary Arsenio Balisacan and Department of Finance (DOF) Secretary Benjamin Diokno that non-debt financing options will be pursued more deliberately from hereon.

“We need to make sure that the projects get underway soon, however. Kailangan lang ituwid ang baluktot na naging kalakaran. Huwag nating hayaang nakatengga ang mga riles na ito (We need to make sure that the projects get underway soon, however. Just need to straighten out the crooked trend. Let's not let these rails stand still),” she said.

“These railways can be an absolute gamechanger for Filipinos. It is high time we make these projects happen for our country,” the lawmaker reiterated.

Related Tags

Duterte administration Foreign debt borrowings Risa Hontiveros Marcos administration
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