Press Release
March 25, 2019

Statement of Sen. Francis "Kiko" Pangilinan On Malacañang saying that the provision in the P3.6-billion loan agreement allowing China to seize patrimonial assets of the Philippines if the country failed to pay its debt is a standard clause in contracts, is this true?

"No it is not. This and other pro-China provisions such as China alone being the venue for settling disputes under the laws of China is downright ridiculous and one-sided. No party in the private sector would propose or ever agree to such lopsided terms. When a contract entered into is manifestly and grossly disadvantageous to the government, it is a corrupt practice under our antigraft laws. This should serve as a warning for all those who intend to pursue this project under such terms."

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