A viral unsolicited opinion of an International political analyst, Sass Rogando Sasot, on Vice-president Leni Robredo's latest statement about the "very huge" debt for the project to build a new Bicol Express, a rail system connecting Manila to Bicol region, has been making rounds on social media and was shared multiple times on Facebook.
Infrastructure must aid economic growth. If infrastructure development leads to economic flourishing, then the loan could be paid off easily, avoiding the so-called debt trap.She also added that the Vice-president should present an actual analysis that the "infrastructure development in the Bicol region or anywhere in the Philippines financed by Chinese or any loan would suffer the same fate as Sri Lanka's Hambantota port", not just issuing an "apocalyptic statements."
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Below are Sasot's Facebook post and the screenshot of Robredo's statement about this issue. Please read.
LENI HERE YOU GO AGAIN
Dear Mrs Robredo,
Could you please stop talking about something you obviously don't know? Do you seriously know why Sri Lanka was in a debt trap? Apparently not.
It's not because Sri Lanka took out Chinese loans to build infrastructure, the Hambantota port. A simple RESEARCH on the issue could have lead you to this BBC article, which succinctly explains why the Hambantota port was a failure, making Sri Lanka trapped in a cycle of debt.
"Hambantota has struggled to make money, partly because it is fairy isolated. With no industrial hub nearby, there are no natural customers on its doorstep...
The island's total debt stands at $64bn. About 95% of all government revenues go towards debt repayment.
And when some of that money borrowed has been seemingly squandered on infrastructure that shows no sign of turning a profit, that is even more damaging."
So instead of blaming loan, you must blame poor planning. Infrastructure must aid economic growth. If infrastructure development leads to economic flourishing, then the loan could be paid off easily, avoiding the so-called debt trap.
So instead na magbubunganga ka diyan ng mga "slogan" at shallow assessment of what happened in another country, PLEASE lang Mrs Robredo, prove to us that you are worth your salary: present to us an ACTUAL analysis that the infrastructure development in the Bicol region or anywhere in the Philippines financed by Chinese or any loan would suffer the same fate as Sri Lanka's Hambantota port. Eto ang clue Mrs Robredo: If you can demonstrate how the Bicol Express rail system financed by Chinese loan wouldn't generate economic returns like what happened to Hambantota port, then tama ka. But honey, you have to show it with an actual analysis, hind iyong nag-iisue ka ng mga apocalyptic statements.
In short: Magtrabaho ka!