YouTube video by Elena Grace Flores from Bagong Lipunan Cory Aquino rejected turn over of Marcos Wealth to the Filipinos
Doy Laurel’s Testimony
President Ferdinand E. Marcos gave Doy Laurel a letter addressed to President Corazon Aquino proposing that 90 percent of all his assets worldwide would be given to a foundation in trust for the Filipino people. Unfortunately, Cory ignored Doy.
Marcos to Doy Laurel:
“Please tell Mrs. Aquino to stop sending her relatives. They are proposing so many things, all I want is to die in my country. Tell her to let me come home. I will turn over 90 percent of all my worldly possessions to our people. I will ask only 10 percent for my family. That is much better than her relatives are proposing.”
Practicality or a Service to the Aquinos?
Finance Secretary Carlos Dominguez earlier rejected the suggestion of Marcos’ daughter, Senator Imee Marcos to defer the debt payments first during the crisis for the sake of the people. Dominguez is President Rodrigo Duterte’s childhood friend from Mindanao. He has the trust of the private sector; he made his money in banking, tobacco, and retail, and has spent the last half-century running 20 big firms, including BPI Agricultural Development Bank before his current public position. He’d long proven his ability to manage both up and down, spending three years in the 1980s running two ministries for former president Cory Aquino.
Saving Faces on the Debt Payment
In the video commentary, the conclusion says that the pro-Aquino stalwarts who accused the late President Ferdinand Marcos of ill-gotten wealth have to save their faces. If they use the financial facility installed by Marcos is just like admitting their wrong accusations about him.
YouTube video by OHJAYCEE Bakit HINDI pwedeng maging PANGULO si BONGBONG MARCOS | Global Debt Facility and IMF
The Gold Reserves are Real
It’s mind buggling to see video posts about the Marcos Global Debt Facility on YouTube recently. The gold reserves may be a verified fact. The former First Lady Imelda Marcos used to testify on this at the Congress. President Rodrigo Roa Duterte also mentioned about its return previously. The details shown on the video can add up to the speculations about Why the opposition of the current administration does not want Bongbong Marcos to be the next President.
The American Interference
It is evident that Americans are always making attempts to control the Philippines. However, they are having difficulties with the tough-talking Filipino President. There are instances also that they favor the opposition and cater to the US exposures for the sitting Vice President Leni Robredo. This is despite the fact that the presumptive VP is talking negatively about her own government and country. If the American dollars really have no value, then it is sensible that they would do everything not to let the Philippines uncover the Marcos IMF gold reserves.
The Marcos Global Debt Facility
If the Marcos Global Debt Facility is really in existence, the Philippines could be the richest country in the world. This may be unbelievable right now but it is a fact that the value of gold increases as time goes by. It’s been more than 3 decades after the death of the late President, Ferdinand Marcos. The gold reserves are more than enough to compensate for the debts of the world economy. Are these videos sprouting on purpose to remind authorities of its relevance for the coronavirus aftermath when the economic situation worldwide is collapsing?
By: Elena Grace Flores
A foreign press post a YouTube video that shows China’s use of concessional loans that leaves some countries overwhelmed by debt. Then, asks if their sovereignty is at risk when they’re unable to pay it back? The style of writing is very safe with the “question” form. It is actually not accusing the Chinese government of taking advantage but merely inquiring. The cases of countries like Sri Lanka and Malaysia are featured. However, there’s no mention about the USA that owes China at least $1.138 trillion. As safe as it may sound, this creates havoc to common readers. This is very timely for the Philippines’ plan to allow such loans for President Rodrigo Du30’s “build, build, build” project. To think that this comes out prior to the mid-term election. Do they really think that they are more clever than Filipinos?
[VIDEO]: Tony Lambino corrects Carpio’s description of patrimonial assets that misleads people.
Foreign Press Inquiry
The video implies that China is pumping billions into developing countries around the world to help fund and build major infrastructure projects. President Xi Jinping flagship economic policy, the ‘One Belt One Road’, the initiative is billed as a transformative global trade network with China at its center that Beijing says will bring prosperity to developing nations. But is China’s use of concessional loans leaving some countries overwhelmed by debt – and is their sovereignty at risk when they’re unable to pay it back? it asked.
America’s Debt to China
The U.S. debt to China is $1.138 trillion as of October 2018. That’s 29 percent of the $3.9 trillion in Treasury bills, notes, and bonds held by foreign countries. The rest of the $21 trillion national debt is owned by either the American people or by the U.S. government itself.
Supreme Court (SC) Senior Associate Justice Antonio Carpio recently warned that the waiver indicated in the Chico River irrigation project means China can take any “patrimonial assets” in case the Philippines fails to pay off its debt. However, Finance Assistant Secretary, Antonio Lambino said that the Philippines would not lose the gas-rich Reed Bank, as it is not considered a patrimonial asset. This is based on the 2002 ruling of Carpio himself.
What are Patrimonial Assets?
Lambino throws the question back at Carpio, the most senior among the justices in terms of stay in the SC. “How does his 2002 Supreme Court decision, that he penned, relate to this case? What he wrote there is those patrimonial assets are not things that can increase the national wealth, that has a public purpose or have a public use,” Lambino said. “Wouldn’t a gas reserve increase national wealth? And that is what I would ask him, and what is his thinking about that?”
No Debt-Trap- Just Black Media Propaganda
The Philippine government is managing debt well, contrary to countries like Sri Lanka, said Lambino. Most inquiries by the opposition are just the templates of a standard loan. They fail to read or understand the clauses and fine prints that protect the interests of the Filipino people or the country in general. This kind of propaganda which is half-baked can generate false impressions that the government officials in power are corrupt. Such misleading news already strips the people of the able public servants that are for the welfare of their citizens. Take the case of Mayor Abby Binay in Makati. The corruption allegations against her family made her look hungry for power when she faces her own brother during the upcoming election. In reality, this is democracy in action. The effective criteria when voting should be the concrete public service track record. The Binays and the Marcoses have that but they are perceived as “thieves” by black media propaganda.
Lito Atienza might be the senior deputy minority leader of the of the house representing the opposition but he educates Vice President Leni Robredo. The government can’t get into a situation wherein it incurs too much external debt that suddenly becomes difficult or impossible to repay, Atienza explains on the P8-trillion economic infrastructure spending. It answers VP Robredo’a warning that the Philippines might fall into a debt trap if the government borrows money indiscriminately, especially from China.
“We have no problem with borrowing money. Regardless of whether it is from Japan, China or South Korea. As long as the government spends the funds on sensible and beneficial projects,” Atienza said.
“If we are talking of infrastructures such as trains, expressways, and bridges—these will all help to provide new employment. They enable goods and people to move faster at a lower cost. Then they further stimulate overall economic growth,” Atienza said.
Atienza’s trust to the current administration is unlike other opposition lawmakers. He said growth, in turn, would translate to a larger economic asset from which government is bound to collect incremental tax income.
“Surely the administration will not obtain a project loan from a foreign government at a higher interest rate. This is if the same credit can be procured elsewhere at a lesser rate,” Atienza said.
The Marcos Gold
Atienza attests that he has personal knowledge of the Marcos gold when he was still a mayor. He also points out GMA’s interview with Congresswoman Imelda Marcos that shows all the gold shipment documents in one room. He said that the widow of the late President Ferdinand Marcos is the witness that the former President was already a gold collector since he was still single.
Atienza urges the government to look into the issue as soon as possible. He agrees with Congresswoman Marcos that the wealth can neutralize foreign debts for the welfare of the people or the world in general. Presidential Spokesperson Harry Roque’s presence in the Press Conference signifies that the President pushes for Congress to facilitate the gold retrieval following the legal process. Can Robredo and other anti-Marcos opposition leaders swallow that? She can only give Bongbong Marcos further hard time on the VP manual recount. The truth always prevails.
Vice President Leni Robredo once again discloses her unsolicited opinion that is unlogical as usual. How exactly are we going to end up like Sri Lanka? Does she fear that the Bicol Express railway system becomes useless as MRIA and the Hambantota port? Is she not convinced that the project would generate sustainable revenues? Can she tell us how the Bicol Express financed by Chinese loans would fail to aid the economic development of her region? She can answer these questions to be neutral. Spreading doubt using the debt scare mentality that maligns the government she serves is indeed a self-destructive move.
[VIDEO]: Nangangamba si Vice President Leni Robredo na baka mabaon sa utang ang bansa sa gagawing pag-utang ng Department of Transportation o DOTR sa China para sa Bicol Express modernization program ng pamahalaan.
Sri Lanka Debt Trap
What led to the Sri Lankan debt trap? Is it the mere act of financing these projects with Chinese loans? Or is it the failure of these projects to generate revenues? One can easily see that Sri Lanka fell into a debt trap because the infrastructure they built using the debt were useless. They failed in their business plan for economic growth in the Hambantota region.
Lack of Substance
Robredo is famous for making brainless comments. All shine but lack in substance. How exactly are we going to end up like Sri Lanka? Taking a loan from China does not give us the same fate as the latter. Instead of praising the previous administration’s plan that went nowhere, she could have offered a more sophisticated comment commensurate with the mandate of her current government position.
Background of Sri Lankan Project
According to the Manila Times;
Sri Lanka’s debt trap was caused by large-scale infrastructure projects of the administration of President Mahinda Rajapaksa. Some of these are the Hambantota port and the Mattala Rajapaksa International Airport (MRIA). Both were largely funded by loans from China. These projects aimed to make Hambantota, Rajapaksa’s home region, become the second Colombo. As Wade Shepard wrote in Forbes magazine (May 28, 2016), “the idea was that Hambantota would be transformed into Sri Lanka’s second most prestigious city. It would become a place built on international trade and commerce, that would be full of joint ventures, [foreign direct investment], and everything a modern city could desire.” Yet both projects failed to generate economic returns.
Fearmongering and Biased Views
Without knowing all the facts mentioned, Robredo’d crude use of the Sri Lankan analogy is nothing but fearmongering. The P175-billion overseas development aid to be borrowed from China will be used to revive the operation of the Bicol Express, Undersecretary for Rails Cesar Chavez said. It is not a rehabilitation but a reconstruction. Everything is new. No traces of the LP administration at all.