3 Senate stooges on rail loans
THE anti-China newspaper Philippine Daily Inquirer (PDI) headlines on its August 9, 2022 edition, “Senators prefer to partner with Japan over China on rail project.”
The reason given in the report is that the 3 senators are considering that “China’s loan interest rate is 3 percent, while Japan’s is 0.01 percent.” Over this, all I can is, we are shelling out P360-million annually each for these senators for such dumbness and idiocy. I am referring to senators, Grace Poe, Rissa Hontiveros and JV Ejercito.
The Japanese loans are Yen denominated and when converted to US dollar, that 0.01 percent Yen loan interest rate is around 3 percent in dollar terms.
The Department of Finance (DoF) has time and again explained this to the public and very recently again posted through the RTVM (Radio-TV Malacañang) Facebook site and published in very many newspapers which I also broadcasted very extensively on social media and my radio/TV show.
The DoF compared China’s Kaliwa Dam project loan with a nominal 2 percent interest rate and Japan’s 0.08 percent rate for the North-South Commuter Rail Project.
After conversion of the Yen loan to US dollar, the equivalent rate was 2.7 percent, much higher than the China loan!
By extrapolation the 0.01 percent interest on the loan from Japan will be charging around 3 percent interest rate, similar to China’s Exim Bank rate, for the three major railway project under consideration by the Philippine government, namely the New Bicol Express south Luzon long-haul 600-kilometers project, the Subic-Clark Railway Project and the first phase of the Mindanao Circumferential Tagum-Davao-Digos stretch.
The 3 senators have just shown us how they are doing the slapstick comedy strip grandstanding in that useless Senate that is nothing but a waste basket of dynastic idiots if not scums.
Look at this direct quote by the Inquirer of the American citizen disguised as Filipino (like Maria Ressa), Sen. Grace Poe, “Why should we choose China Eximbank when they were supposedly going to charge us [a] 3-percent interest rate, which is considerably higher than 0.01-percent rate offered by Japan?”
The correct question is why do we have such an ignoramus for a senator who does not or cannot even read the clarifications repeatedly made by our DoF and what is she doing with the 360-million every year for staff and researchers?
Damn this corrupt electoral system that gets to elect such idiots.
Hontiveros asked in her feigned nationalistic Tagalog hiding her Amboy blue blood, “Bakit natin pinipili ‘yung mga pautang na mas mataas ang interest rate kaysa mas mababa?
“Kontrapelo sa gagawin natin sa tunay na buhay sa ating mga pamilya at tahanan,” showing hypocrisy and ignorance that almost makes me puke.
And JV says, “Personally, I would rather have Japan do it. First of all, it’s more reliable. I would think most of us here would probably prefer Japanese railways and trust Japanese rails,” – well, has Japan even made an offer, bobo!
Recent reports show that Japan instead of offering ODA (official development assistance) is now pushing PPP, Public-Private Partnership projects to Japanese business groups—not concessional loans under the ODA. Doesn’t JV know this?
Why is Japan doing this? It is because Japan’s ODA is already overstretched and the Japanese Yen is also facing tough times.
Seems this JV is suffering the same malady as our educational system that is “learning poorly,” meaning inability to read and comprehend for the age-level he is in.
Shameful and shameless JV who has done nothing in his life except inherit a name and the “laughing money” of Erap Estrada to deserve a senate seat.
Ladies and gentlemen, they are the ‘3 Stooges’ of the Philippine Senate!
