Bongbong Marcos remembers how the opposition demonizes his father during his previous visit at the Malacañan Palace. The late President Ferdinand E. Marcos was accused of being the man that he never was, according to his son. They are doing the same thing with President Rodrigo Du30. Most commercial media speculates about the ballooning of the country’s debts, selling bonds to China and borrowing allegedly large sums of money from them. The President’s proposed budget for next year is 3.77 trillion pesos including the “Build Build Build” infrastructure projects. He admits that there are lots of offers for foreign loans but so far, the Asian Development Bank spearheads the investment side of the development. In actuality, the World Bank reserves would be more than enough to fund all the developments in the country.
Youtube video by; Bongbong Marcos
[VIDEO]: Marcos Back In Malacañan
Investments are Not Debts
President Du30 witnesses the signing of an estimated $9.5 billion worth of investment agreements with Chinese businessmen. This could generate some 10,800 jobs for Filipinos. He appreciates the investment pledges as a sign of the “vigorous momentum” of Philippines-China ties. Then stresses the importance of further developing economic cooperation with China. The Philippines focuses on agriculture, fisheries, infrastructure and public works, energy, trade, as well as e-commerce, industrial park development, MSMEs (medium, small and micro enterprises), processing, manufacturing and tourism. The Chinese investments in these areas are mere business deals and not loans.
Chinese Confidence in Trade
Trade Undersecretary Rowel Barba confirms the increasing Chinese confidence in the Philippine economy and their belief that the country could sustain its 6.7-percent economic growth for the next five years. In fact, the number of Chinese businessmen formalizing their interest to invest in the Philippines increases. A delegation visits the country to explore other businesses. This is taken by the detractors as China’s invasion of the country.
Reclamation and Not the MRT for the Chinese Investors
The biggest investment plan in the Philippines comes from the Shangai GeoHarbour Group. It earmarks the $3.46 billion for land reclamation, sludge remediation, and land development. They only won the bidding for the Manila-Clark MRT’s construction supply like cement because Japan cannot beat their competitive prices.
Demonizing Du30 to Stop Marcos
It is clear that the infrastructure of the opposition that destroyed the reputation of former President Marcos is out to malign the current President who favors his son. This time, the likely heir to the presidential throne is more than ready to counteract those fake news against him and his allies. There are also battles detected in the major branches of government. Sol. Gen. Jose Calida pushes the Supreme Court to honor their 40% own ruling for the vote shades. Interpolations are also ongoing between pro and anti-Marcos solons for his victory as VP in the 2016 elections. Congressman Lito Atienza fights for Marcos’ side in the Congress.