Statement by Prof. Jose Maria Sison
NDFP Chief Politicfal Consultant
November 4, 2018
Duterte and his cronies are so greedy and eager to collect privately hundreds of millions of dollars as finder’s fees for brokering the billions of dollars of loans from China for overpriced infrastructure projects.
They are acting as swindlers and thieves. Until signing time, they are deliberately concealing from the Filipino people the terms of the framework agreement and the loan agreements which are expected to turn the Philippines into a debt colony of China.
They use the natural resources of the Philippines as collateral for unrepayable loans and violating the sovereign rights of the Philippines of the Filipino people over oil, gas and other natural resources under the West Philippine Sea.
The trillions of dollars worth of Philippine oil and gas are being given away for a few billion dollars worth of high-interest Chinese loans for overpriced infrastructure projects done mostly by Chinese workers. Traitorous and stupid!
The debts from China come on top of the already huge accumulated debt from the US, Japan and other traditional lenders. With the US Federal Bank raising interest rates on the US dollar under a new policy of quantitative tightening, the previously accumulated debt of the Philippines will automatically grow.
The Philippines is already suffering from a debt crisis. The Duterte regime, especially its chieftain Duterte, will go down in history as a traitor to national sovereignty and to the people’s interest in self-reliant development through national industrialization and land reform and wise utilization of the rich natural resources of the Philippines.###
Is the Philippines heading into a debt crisis?