"SECRET LOAN IS A DEVIL'S LOAN"
China had used onerous loans to bury client-states in debt so it can seize control of their unexplored rich mineral territories. Secret loan terms fan ‘debt trap’ fears By FEDERICO D. PASCUAL JR. PRESIDENT Duterte should order full disclosure to allay fears that the huge Chinese loans he had contracted to finance his ambitious mega projects mortgaged patrimonial assets and could lead to a “debt trap.” There are just too many countries that had secured soft loans from China falling into a “debt trap” – a situation marked usually with the lender taking over valuable assets or strategic sites, or grabbing vital products like oil, used as collateral by the defaulting borrower. Presidential spokesman Salvador Panelo says that Filipinos need not worry about the Philippines defaulting since “we will pay” anyway. It has not been shown, however, that Panelo’s word is warranty enough for international lenders. Panelo as presidential legal advise...