Statement of Senator Joel Villanueva on the Chinese infrastructure loans

Malacañang should never use our patrimonial assets as collateral. We have already seen the negative effects of this type of arrangement with China in a number of countries where China eventually ended up controlling the resources and critical assets of a country.

Even the provision on the use of Chinese labor is unfair to us, unconstitutional to say the least. One of the main purposes of infrastructure spending is the creation of jobs for Filipinos. Other international financial institutions are also offering lower interest rates.

We are essentially putting the future generation at a bind when we are entering into long-term agreements. Communities will also be displaced by these infrastructure investments. We should ensure that the provisions of these agreements are consistent with the Constitution and our existing laws. We have to guarantee that the Filipino people are not worse off with these loans.