3 Senate Stooges on Rail Loans!

 
 

Asian Century By Herman Tiu Laurel

                The anti-China newspaper Philippine Daily Inquirer (PDI) headlines on it August 9, 2022 edition โ€œSenators prefer to partner  with Japan over China on rail projectโ€. The reason given in the report is that the 3 senators are considering that โ€œChinaโ€™s loan interest rate is 3 percent, while Japanโ€™s is 0.01 percent.โ€ We are shelling out P 360-million each annually for such dumbness and idiocy of the 3 senators! The Japanese loans are Yen denominated and when converted to US $ that 0.01% interest rate is around 3% too.

 

                The Department of Finance (DoF) has time and again explained this to the public and very recently again posted through the RTVM (Radio-TV Malacaรฑang) 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 Chinaโ€™s Kaliwa Dam project loan with a nominal 2% interest rate and Japanโ€™s 0.08% rate for the North-South Commuter rail project. After conversion of the Yen loan to US $ the equivalent rate was 2.7%, much higher than the China loan!

 

                By extrapolation the 0.01% Yen loan from Japan will be charging around 3% interest rate similar to Chinaโ€™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-kilometer long 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) Poe, โ€œWhy should we choose China Exim-bank 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?โ€ 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 years for staff and researchers? Damn this corrupt electoral system that emplaces such idiots.

 

                Hontiveros asked in her feigned nationalistic Tagalog hiding her Amboy blue blood, โ€œBakit natin pinipili โ€˜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,โ€ showing hypocrisy and ignorance that almost makes me puke. And JV says, โ€œPersonally, I would rather have Japan do it. First of all, itโ€™s more reliable. I would think most of us here would probably prefer Japanese railways and trust Japanese rails,โ€ โ€“ well, has Japan even offered, bobo!

 

                Recent reports show that Japan instead of offered ODA is now pushing PPP, Public-Private Partnership projects to Japanese business groups instead of offering loans. Doesnโ€™t JV know this? Why is Japan doing this? It is because Japanโ€™s ODA is already overstretched and the Japanese Yen is also facing tough times.  Seems this JV is suffering the same malady as out educational system, โ€œlearning povertyโ€ meaning inability to read for the age-level he is in. Shameful and shameless JV who has done nothing in his life except inherit a name and the โ€œlaughing moneyโ€ of Erap Estrada to deserve a senate seat.

 

                Ladies and gentlemen, the Three Stooges of the Philippine Senate!

<strong>Herman โ€œKa Mentongโ€ Tiu Laurel</strong>
Herman โ€œKa Mentongโ€ Tiu Laurel

is a broadcast journalist. He is aย former columnist of Daily Tribune (INFOWARS and DIE HARD III; Mondays and Wednesday) and OpinYon (Consumersโ€™ Demand!, Criticโ€™s Critic, and Peopleโ€™s Struggle; weekly).
He hostedย Talk News TVย andย Journeys: Chronicles of our Asian Century, both on Global News Network.
He is now the host of the radio and live stream program Global Talk News Radio for Radyo Pilipinas 1 โ€“ 738AM, which broadcasts every Sunday 8AM to 10AM.
While in quarantine, he is hosting the live stream program Power Thinks on his personal Facebook pageย Herman Laurelย (fb.com/hermantiulaurel) and theย Global Talk News Radioย Facebook page (fb.com/globaltalknewsradio)
He was also the former Administrator of the Philippine Refugee Processing Center (PRPC; now called the Bataan Technology Park, Inc.) during the administration of Corazon C. Aquino.

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