THE OFFICE of the Vice-President has cited the need to look into the government’s loan agreements with China, following Supreme Court Senior Associate Justice Antonio T. Carpio warning of China’s possible Reed Bank takeover.
“Importanteng tindigan ito, pero tingin ko kailangan patuloy ang pagbabantay sa maraming kontrata na pinipirmahan sa China,” Lawyer Ibarra M. Gutierrez, Vice-President Maria Leonor G. Robredo’s Spokesperson, said on Sunday over the BISErbisyong Leni weekly radio show.
Mr. Gutierrez also agreed the contracts should be publicized and explained to Filipinos. “Ipaliwanag ito ng buo sa ating mga kababayan,” he said.
Mr. Carpio on Friday said the contract contained a provision that will allow China to seize “patrimonial assets” of the Philippines, should the government fail to pay, in this case, the $62.8 million Chico River Pump Irrigation Project.
This also comes after former Foreign Affairs Secretary Albert F. del Rosario and former Ombudsman Conchita Carpio-Morales asked the International Criminal Court to conduct preliminary examination on China’s growing aggression in the South China Sea.
Under Article 8.1 of the Chico Irrigation Pump loan agreement, signed on April 10, 2018, it was stated in part that the Philippines “irrevocably waives any immunity on the grounds of sovereign or otherwise for itself or its property in connection with any arbitration proceeding pursuant to Article 8.5 hereof or with the enforcement of any arbitral award thereto.”
It was noted in the same provision that the waiver of immunity will not cover assets used by a diplomatic or consular mission, assets under military control, and those located in the Philippines and “dedicated to a public or governmental uses as distinguished from patrimonial assets and assets dedicated to commercial use.”
“Ang nakakabahala dito, matagal naman na tayong umuutang, lahat naman ng administrasyon, umuutang, pero mukhang bagong-bago itong probisyon na ito na kapag hindi nakabayad, imbes na dagdagan ang interes, pwedeng kumuha ng pag-aari ng estado mismo,” Mr. Gutierrez also said.
“Itong Reed Bank na ’to, napakalaki ng gas deposit d’yan, ayon sa mga initial na survey. Bilyon-bilyong dolyar ang pinag-uusapan. So kung tayo ang makakakuha noon, malaking benepisyo para sa ating ekonomiya,” he added. — Charmaine A. Tadalan
