Imputing ill motives to such an inquiry, rather than answering the issues raised and welcoming the opportunity to clarify the matter with the public, is about the basest response there is.
The loan agreement with China for the Chico River Pump Irrigation Project in Kalinga, the first Chinese-funded flagship project under the administration’s “Build, build, build” infrastructure program, is completely aboveboard, according to the Department of Finance — “reviewed, negotiated and approved” by the DOF, the Department of Justice and the Bangko Sentral ng Pilipinas, and likewise greenlighted by the Monetary Board.
Considering all factors such as project cost and foreign exchange risks, the effective rates between recently signed Japanese and Chinese loan agreements “are actually quite close to each other,” the DOF said.
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