By: Elena Grace Flores
YouTube video by Imee Marcos
Working quarantine # 1
President Duterte Eyes Selling Govt. Properties
While on quarantine, Senator Imee Marcos worked on three bills for the March 23 filing at the Senate. This is to make all the President’s realignment of funds constitutional. Marcos stresses on her quarantine #1 video that the the Philippines can have almost 0% interest loans. The IMF or World Bank loans are the readily available sources. However the $500 million loan in 2015 during the Aquino administration remains questionable.
Senator Imee Marcos Pushes World Bank Loan
The World Bank recently approves US$500 million in financing to help strengthen the Philippine government’s efforts to address disaster risks. This is essential to efficiently respond and recover from natural disasters. The financing also supports urgent needs that the COVID-19 crisis brings forth to the country. In her scrutinizing the laws while on quarantine, the Senator mentions that the Philippines also has provisions for calamity funds. Therefore, it creates an impression that aside from the economic loans at unbelievably almost nothing interest rate, the Philippine administration seems to be legible to get open loans that correspond to the statements of the late President Ferdinand Marcos. In fact, the first-year interest fee has been waived. The credit term for 29 years is also enough for the country to recover plus a 10-year and a half grace period.
Transparent $500-million World Bank Loan
President Rodrigo Duterte made it a point to be transparent when it comes to money matters. However, it seems hard for the media to get the exact figures on the interest rate, credit term, and the reasons why the country receives favorable arrangements from WB. It is a known fact that the Work Bank borrows money from the economy and lend them to 3rd world countries or nations in need at a higher rate. To have an almost 0% interest for the Philippines can only pinpoint to some reserves that remain a secret perhaps until COVID-19.