Did Yellowtards Forget That Noynoy Aquino Also Had Loans From China?

Dilawans are self-contradictory -- GET OVER IT! Plus, they do have selective amnesia and did they even forget Xi Jinping visited the Philippines DURING the term of Noynoy Aquino? While Dutertards still need to prove that Noynoy Aquino allegedly sold Spratlys (hopefully the Dilawans' future home) to China -- we do have the scenario where Dilawans falsely accuse Duterte of selling China to the Philippines. While a crazy old man says Duterte supporters have selective amnesia but the Dilawans have it too -- they forgot that their beloved "chosen one" Noynoy did have loans from China such as the source of funds for Angat Water Utilization and Aqueduct Improvement Project (AWUAIP) of the Metropolitan Waterworks and Sewerage System (MWSS).

Where did I get the source? It's from their beloved network namely ABiaS-CBN. Then we have this speech by Noynoy himself concerning China:

"Nagpapasalamat po tayo sa pondong ipinagkaloob ng bansang Tsina upang maisakatuparan ang mahalagang proyektong ito. Tunay nga pong sa maigting na ugnayan ng magkakaratig-bayan, mas mabilis nating natutugunan ang mga problema at mas napaglilingkuran ang ating mga mamamayan. Kaisa natin ang buong mundo sa ating adhikain: isang daigdig kung saan ang bawat indibidwal, bawat komunidad at bawat bansa ay iginagalang at kinikilalang may likas na dignidad," Aquino said in his speech.

("I am thankful for the capital that China has wholeheartedly given to us in order to realize thisimportant project. A good alliance with neighboring countries would make it faster for us to solve our problems and to serve the people better. We are one with the world, in a world where every individual, every community and every country have respect and dignity." )

Selective amnesia huh Dilawan? So I guess it's safe to even assume that Noynoy himself had started the Chinese debt trap which may not be the case either. Judging by his words -- he does acknowledge that China did loan money for a project that actually started late in March 17, 2010 when Gloria Macapagal-Arroyo was still the president. Noynoy inherited said project and completed it. Why did he thank China for the loan that made said project finished under his term? So in a sense, it also became part of his loan because he continued said project. Participation in finishing it means he would have also had a loan from China to continue it.

Also, it seems that the Chinese debt trap is a hoax according the International Schiller Institute. Here's what it says about the so-called Chinese debt trap:

One amazing aspect of the narrative of China’s “debt-trap diplomacy” is the utter lack of any evidence supporting the claims of the authors in these media and academic reports, none of which stand up to serious scrutiny.

What the facts show, is quite contrary to the “impression” intended by much of the anti-Chinese reporting. For example, well-documented research made by the China Africa Research Initiative at the School of Advanced International Studies (SAIS-CARI) at Johns Hopkins University, reveals that the majority of African debt is not held by China, but by by Western countries and such Western-backed institutions as the IMF and World Bank.

In its white paper on the upcoming September FOCAC meeting in Beijing, SAIS-CARI reports, as its first finding, that “We find that Chinese loans are not currently a major contributor to debt distress in Africa. Yet many countries have borrowed heavily from China and others. Any new FOCAC loan pledges will likely take Africa’s growing debt burden into account.” The white paper reports $133 billion in Chinese loan commitments to Africa over the period 2000-2016, with a very large $30 billion in 2016 following the 2015 FOCAC meeting in Johannesburg. While many African nations have Chinese debt, there are only three nations — Djibouti, Republic of Congo, and Zambia — for which Chinese loans are the most significant contributor to debt risk. In the African nation ranked fourth in Chinese debt as a portion of total debt, Cameroon, China holds less than one-third of the total debt.

As verified by the authors of this article in the referenced Schiller Institute Special Report “Extending the New Silk Road to West Asia and Africa,” China’s loans and total foreign direct investments (FDI) in Africa are smaller than those of these western institutions, but they are more directed towards construction of infrastructure, manufacturing and agriculture, while Western investments are directed towards mining and financial services.

China has also emerged as one of the leading sources of aid to African nations, and the leading research partner in the fields of agriculture and healthcare. In addition, China has financed many development projects in Africa and southeast Asia through grants, rather than loans. In one very recent case, in July this year, the ceremony of the groundbreaking two new bridges in the Philippines, the Binondo-Intramuros and Estrella-Pantaleon bridges, which are financed and being built by China, was used by the mass media to arouse alarm and panic about China entrapping the Philippines in a debt trap. During the ceremony, which was attended by President Rodrigo Duterte himself, Chinese Ambassador to the Philippines Zhao Jianhua refuted this notion: “Let me make it quite clear: These projects, these two bridges, are going to be financed by Chinese grants. That is, we’re going to build it for free.” He added that “actually, there has never been a debt trap. It’s all based on mutual agreement,” stressing that China never asked for “even one square of real estate in this country.” He added that the Philippine government “will own all those projects. So there will be no question of putting yourself in debt. I think your economic team is smart enough.”

Malaysia recently became another source of “debt trap” propaganda by the international media when the newly-elected Prime Minister Dr. Mahathir Mohamad’s postponed two mega infrastructure projects being built by Chinese companies. The two projects were a $20 billion east-west rail project aimed at enhancing development of Malaysia’s less developed east coast, and two gas pipelines in Sabah, one of the Malay provinces on the island of Borneo. The media portrayed this development as a big blow to the Belt and Road Initiative, and that it shows once again that China is using a “debt trap” to gain control over countries. Dr. Mahathir himself took dramatic steps to demonstrate that this was a lie, with his five day visit to China from Aug 17-21. Dr. Mahathir said that this issue is not about the Chinese. “We’re here to assure the Chinese government and its people that there will be no change of policy…. We see China as a model for development,” he said at a press conference with Premier Li Keqiang. The issue is the corruption of the previous PM Najib Razak government which Mahathir replaced after his party’s surprise victory in the national election in May. Najib’s development fund, One Malaysia Development Berhad (1MDB), set up soon after he took office in 2009, went missing as much as $4.5 billion, while nearly $700 million showed up in Najib’s personal account. The huge deals with China, may have been connected to Najib’s suspected criminal use of state funds. Until that is adjudicated, Mahathir had no choice but to put the projects on hold, and to renegotiate the projects if they are to be reinstated. The joint communiqué signed by Malaysia and China at the end of Mahathir’s visit states that the two sides will speed up the implementation of the Memorandum of Understanding on Promoting Mutual Economic Development through the BRI. This is not a country turning against China for a supposedly devious debt trap.

Ano? Selective amnesia pa more? (What? More selective amnesia?)