THE GOVERNMENT said it is ready for the resumption of all big-ticket projects under its “Build, Build, Build” infrastructure program amid the coronavirus pandemic.
Showing posts with label Build-Build- Build. Show all posts
Showing posts with label Build-Build- Build. Show all posts
Sunday, June 21, 2020
Saturday, June 13, 2020
China strengthens relations with Duterte
CHINESE PRESIDENT Xi Jinping said he is willing to work with Filipino leader Rodrigo Duterte to continuously lift their countries' relationship of comprehensive strategic cooperation to new levels.
Saturday, May 4, 2019
Philippines pursues high-quality, good-impact projects with cooperation from China
AFTER PRESIDENT DUTERTE'S highly successful visit to China, Manila is ready to pursue more high-quality and good-impact projects with cooperation from Beijing, said Presidential Spokesman Salvador Panelo.
He said Duterte had productive and fruitful bilateral meetings with top Chinese leadership where he affirmed the commitment to friendship and understanding with China. Duterte also expressed to Chinese leaders the country's readiness to pursue more high-quality and good-impact projects with China, Panelo said.
Duterte visited China from April 24 to 27, during which he attended the second Belt and Road Forum for International Cooperation together with many other countries' leaders. Panelo said during the leaders' roundtable meeting, Duterte stressed the value of nations, especially in Asia, working together with a shared goal of inclusive, equitable and sustainable growth and prosperity.
As China is the largest trading partner and a major source of foreign investments of the Philippines, economic cooperation also highlights Duterte's visit. Panelo said Duterte witnessed the signing of multiple business agreements in Beijing between the two countries, covering a wide range of areas of investments, such as energy, infrastructure, agriculture and human resources.
"President Duterte gave his assurance to prospective foreign investors of all nationalities that the Philippine government will create an enabling environment that allows their business establishments and investments to prosper," Panelo said. Moreover, Panelo said while in Beijing President Duterte reiterated his resolve to endeavor to make the South China Sea a sea of peace, stability and prosperity. (Xinhua)
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Saturday, April 6, 2019
Duterte orders review of all govt. contracts
PRESIDENT DUTERTE has ordered the Solicitor-General, the Secretary of Justice, and all those in the legal departments of different government agencies to finally review all contracts entered into by the government.
The order coincided with mounting calls by the public for Duterte to bare all contracts entered by the government with China, especially on infrastructure programs and other loans that could be disadvantageous.
But Presidential Spokesperson Salvador Panelo said Duterte’s decision came after the President himself discovered an onerous provision contracted by the Ramos’ administration when the government entered a deal with Maynilad.
“In that contract the Republic of the Philippines was prohibited from interfering into the terms of contrac and that’s why we lost in the arbitration tribunal, and I think we were made to pay 3.5 billion pesos because according to the ruling, the government intervened and by reason of intervention Maynilad suffered damages,” Panelo said.
He said Duterte is adamant in following the provisions of the Constitution. He said anything that runs counter to the highest law of the land can be rescinded and struck down by the government.
Panelo claimed that Duterte’s order is to review, evaluate, scrutinize every contract entered into by the government and or its agencies with private entities and or states, and to determine whether there are onerous provisions in the contract that would put Filipinos at a disadvantage or would be in violation of the Constitution.
“Even if it is executed, if it’s in violation of the Constitution, you can rescind and strike it down. We’ll ask the court to rescind it,” Panelo said, adding, Duterte was disappointed to know that a private company is prohibiting the government from taking actions regarding water services. “That contract was entered into by the government and drafted by lawyers of the government. There could be collusion between the lawyers of the government and the lawyers of the private company. We cannot do that. We have to prosecute them,” Panelo explained.
Quoting Duterte, Panelo said this new promulgation is the President’s way of keeping with his mandate to serve and protect the Filipino people. “In other words, the President is warning all and sundry that for as long as he is the President he will not allow anything that will go against the interest of the Filipino people. He will use the Constitution, all the powers given him to protect the Filipino people and to serve them faithfully,” he said.
Panelo said Duterte’s new directive to the Cabinet is to review all contract regardless if it is already in place or not. “We’ll have to examine every provision in the contract. Anything against public policy or against the law, against the Constitution, we have to strike down. It would be a continuing investigation of contracts,” he said. (With a report from Mindanao Examiner)
Thank you so much for visiting our website. Your small donation will ensure the continued operation of the Mindanao Examiner Regional Newspaper. Thank you again for supporting us. BPI: 952 5815649 (BOPIPHMM) Landbank: 195 113 9935 (TLBPPHMM)
The order coincided with mounting calls by the public for Duterte to bare all contracts entered by the government with China, especially on infrastructure programs and other loans that could be disadvantageous.
But Presidential Spokesperson Salvador Panelo said Duterte’s decision came after the President himself discovered an onerous provision contracted by the Ramos’ administration when the government entered a deal with Maynilad.
“In that contract the Republic of the Philippines was prohibited from interfering into the terms of contrac and that’s why we lost in the arbitration tribunal, and I think we were made to pay 3.5 billion pesos because according to the ruling, the government intervened and by reason of intervention Maynilad suffered damages,” Panelo said.
He said Duterte is adamant in following the provisions of the Constitution. He said anything that runs counter to the highest law of the land can be rescinded and struck down by the government.
Panelo claimed that Duterte’s order is to review, evaluate, scrutinize every contract entered into by the government and or its agencies with private entities and or states, and to determine whether there are onerous provisions in the contract that would put Filipinos at a disadvantage or would be in violation of the Constitution.
“Even if it is executed, if it’s in violation of the Constitution, you can rescind and strike it down. We’ll ask the court to rescind it,” Panelo said, adding, Duterte was disappointed to know that a private company is prohibiting the government from taking actions regarding water services. “That contract was entered into by the government and drafted by lawyers of the government. There could be collusion between the lawyers of the government and the lawyers of the private company. We cannot do that. We have to prosecute them,” Panelo explained.
Quoting Duterte, Panelo said this new promulgation is the President’s way of keeping with his mandate to serve and protect the Filipino people. “In other words, the President is warning all and sundry that for as long as he is the President he will not allow anything that will go against the interest of the Filipino people. He will use the Constitution, all the powers given him to protect the Filipino people and to serve them faithfully,” he said.
Panelo said Duterte’s new directive to the Cabinet is to review all contract regardless if it is already in place or not. “We’ll have to examine every provision in the contract. Anything against public policy or against the law, against the Constitution, we have to strike down. It would be a continuing investigation of contracts,” he said. (With a report from Mindanao Examiner)
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Friday, March 29, 2019
Philippines won’t fall into China’s debt trap, says DOF
THE DEPARTMENT of Finance (DOF) has allayed fears the Philippines could fall into China’s debt trap, saying, Manila has never reneged on its debt obligations to any creditors.
It made the assurance following concerns raised by Senior Associate Justice Antonio Carpio that Beijing can seize the country’s patrimonial assets if the Philippines fails to pay the P3.69 billion loan extended by China to fund the controversial Chico River Pump Irrigation project.
Finance Undersecretary Bayani Agabin explained that under the Philippine laws, particularly Presidential Decree No. 1177, requires automatic appropriation in the national budget for debt obligation.
“May probisyon tayo sa batas PD 1177 na automatikong naglalaan ng pambayad ng utang na nakapaloob po ito sa taunang General Appropriations Act,” Agabin said. “Lahat ng mga nabanggit na probisyon sa loan agreement ay mangyayari lamang kung ang gobyerno ng Pilipinas ay hindi na makabayad ng utang nito.”
Agabin challenged critics of the Chinese loan agreements to review the Philippines credit history and consult with experts before jumping into conclusions that the country is in danger of falling into China’s debt trap.
He said none of the foreign loan agreements include the surrender of Philippine assets to the lender country. Agabin reiterated that the Philippines did not offer any of its natural resources as collateral in securing the project. “Ang waiver of sovereign immunity ay hindi nagpapahintulot sa sinumang dayuhan o foreign party na kunin o angkinin ang ating mga likas na yaman,” Agabin said.
The Chico River irrigation project aims to provide a stable supply of water to around 8,700 hectares of agricultural land in the provinces of Kalinga and Cagayan. Finance Undersecretary Mark Dennis Joven also rejected concerns that the Philippines will fall into China’s debt trap the same way Sri Lanka did, stressing Manila does a better job in managing foreign loans.
“We’re very well aware of what is happening in the world and we’re fiscally responsible enough not to do something which will endanger the fiscal position of our country,” Joven said. In 2017, China took ownership and control of Sri Lanka’s two major ports after the latter failed to pay back loans.
Joven said the Philippines failure to pay China is least likely because the Philippines has a smaller debt to gross domestic product of around 40 percent compared to Sri Lanka’s debt to GDP of around 80 percent. “The Philippines is, in terms of all the countries in the world, I think we’re at around top 40 of most debt solvent countries in the world. In terms of possibility of failure to pay or over leverage, it’s very, very unlikely,” Joven said. (Azer Parrocha)
Thank you so much for visiting our website. Your small donation will ensure the continued operation of the Mindanao Examiner Regional Newspaper. Thank you again for supporting us. BPI: 952 5815649 (BOPIPHMM) Landbank: 195 113 9935 (TLBPPHMM)
It made the assurance following concerns raised by Senior Associate Justice Antonio Carpio that Beijing can seize the country’s patrimonial assets if the Philippines fails to pay the P3.69 billion loan extended by China to fund the controversial Chico River Pump Irrigation project.
Finance Undersecretary Bayani Agabin explained that under the Philippine laws, particularly Presidential Decree No. 1177, requires automatic appropriation in the national budget for debt obligation.
“May probisyon tayo sa batas PD 1177 na automatikong naglalaan ng pambayad ng utang na nakapaloob po ito sa taunang General Appropriations Act,” Agabin said. “Lahat ng mga nabanggit na probisyon sa loan agreement ay mangyayari lamang kung ang gobyerno ng Pilipinas ay hindi na makabayad ng utang nito.”
Agabin challenged critics of the Chinese loan agreements to review the Philippines credit history and consult with experts before jumping into conclusions that the country is in danger of falling into China’s debt trap.
He said none of the foreign loan agreements include the surrender of Philippine assets to the lender country. Agabin reiterated that the Philippines did not offer any of its natural resources as collateral in securing the project. “Ang waiver of sovereign immunity ay hindi nagpapahintulot sa sinumang dayuhan o foreign party na kunin o angkinin ang ating mga likas na yaman,” Agabin said.
The Chico River irrigation project aims to provide a stable supply of water to around 8,700 hectares of agricultural land in the provinces of Kalinga and Cagayan. Finance Undersecretary Mark Dennis Joven also rejected concerns that the Philippines will fall into China’s debt trap the same way Sri Lanka did, stressing Manila does a better job in managing foreign loans.
“We’re very well aware of what is happening in the world and we’re fiscally responsible enough not to do something which will endanger the fiscal position of our country,” Joven said. In 2017, China took ownership and control of Sri Lanka’s two major ports after the latter failed to pay back loans.
Joven said the Philippines failure to pay China is least likely because the Philippines has a smaller debt to gross domestic product of around 40 percent compared to Sri Lanka’s debt to GDP of around 80 percent. “The Philippines is, in terms of all the countries in the world, I think we’re at around top 40 of most debt solvent countries in the world. In terms of possibility of failure to pay or over leverage, it’s very, very unlikely,” Joven said. (Azer Parrocha)
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Thank you so much for visiting our website. Your small donation will ensure the continued operation of the Mindanao Examiner Regional Newspaper. Thank you again for supporting us. BPI: 952 5815649 (BOPIPHMM) Landbank: 195 113 9935 (TLBPPHMM)
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