We always pay loans: Panelo

Politics & Governance

Presidential Spokesperson Salvador Panelo said that Philippines pays and never reneges to its loan commitments amid fears that China may seize Philippine natural resources if it fails to pay loan obligations under Chico River Pump Irrigation Loan Agreement.

Panelo said on March 25 that the Philippine government never defaulted from any obligations to any international organization with respect to loans of our country. “Palagi naman tayong nagbabayad eh,” he said.

“When we loan from the bank, it’s always the terms of the bank. Natural lang iyon na they will make sure na hindi sila malulugi sa kanilang pinautang sa atin,” he added.


“Just like bank institutions when they lend they impose terms to make sure na mababayaran sila. Eh siguro itong mga pumasok diyan, mga economic managers natin alam nilang never namang mangyayari, kaya binigay nila, because it will never happen,” he said on March 25.

“Do you have any say when you’re borrowing money? O iyong sabihin nila, oh di wag na lang, hindi na lang kami magpahiram sa inyo. Oh since alam mo naman na ‘ah babayaran naman namin iyan kahit ano pang imposition ninyo diyan eh. Wala ding mangyayari diyan sa mga terms ninyo,” he added.


He also cited the Bataan Nuclear Power Plant.

“Kita mo iyon, ilang bilyon iyon babayaran natin eh ni hindi nga natin nagamit iyon, ito pang Chico Dam na gagamitin natin; parang in the realm of speculation and improbability,” he added.