MANILA, Philippines --- The "onerous" provision in the Chico River Pump Irrigation Project between the Philippines and China is just "standard," Malacaang said Monday, as it dismissed criticisms that Manila would not be able to pay the loan to Beijing. The loan agreement, signed on April 10, 2018, stated that "in case of default by the Philippines in repayment of the loan, China can seize, to satisfy any arbitral award in favor of China, 'patrimonial assets and assets dedicated to commercial use' of the Philippine government." Former Bayan Muna Muna Rep. Neri Colmenares said the loan agreement was "onerous and highly favors China" while Senior Associate Justice Antonio Carpio said Bei...
Keep on reading: Palace: ‘Onerous’ provision in Chico River project loan just ‘standard’
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