7 months Chinese embassy official calls debt trap speculation as ‘nonsense’ MB
By Roy Mabasa Chinese Embassy Commerical Counsellor Jin Yuan on Friday dismissed as “meaningless and nonsense” the allegations that the Philippines risks falling into a Chinese debt trap over its loan agreements with Beijing. Speaking at the sidelines of the Philippines-China Summit at the historic Manila Hotel, Yuan explained there are only two loan agreements that were so far signed under the administration of President Rodrigo Duterte amounting to approximately US$260 million, or “less than one percent of the total Philippine foreign borrowings.” Hon. Jin Yuan, Commercial Counsellor of the Chinese Embassy in the Philippines during the China-Philippines Summit: Shaping ... more