Did China wait to see PBBM’s Foreign Policy in Action first before acting on their Loans to the Philippines?

PNA's Article on China's cancelled Loans

As expected, ‘pinagpiyestahan ng mga Kano at Pilipinong mga Aso nila yung na cancelled na Loans from China’ (The Americans and their Filipino Dogs are having a Field Day on the Loans from China that were cancelled). 

Based on the News Reports, here is my understanding of what actually happened: So China agreed to fund three Projects in the Philippines thru Loans, and so the Philippines sent their formal Applications for them back in 2021. 

However, since then until now, China did not act on the Loans, so former Department of Finance (DOF) Secretary Carlos Dominguez III told China that if they do not act, they will cancel the Application by May 31, 2022. 

Note that by May 31, 2022, the result of the May 9, 2022 Elections was already out and clear, but of course the new President Bong Bong Marcos (PBBM) had yet to assume Office then as he was only scheduled to do on June 30, 2022. 

China failed to act by May 31, so the Loans ended up being cancelled. The big question is, why did China fail to act? They did release a Statement about it, but it seems to me that they indirectly referred to the Corona Virus Disease 2019 (Covid-19) Pandemic as the cause of the delay. 

But for me, I think the reasons are deeper than that. Japan for example, acted on their Loans to us despite the Pandemic. 

I think that China could’ve been waiting to see PBBM’s Foreign Policy in action first before acting on the Loans. Of course PBBM has reiterated before that he intended to have close relations with China, but perhaps they wanted to wait and see first. 

I can’t blame them for that, after all with new People in Government you never really know how things will be, one can expect some differences in the Foreign Policy with these new People. 

However, before they can act, the Issue was publicized, and thus we have all these Noise and Propaganda coming out now. 

I think Digong was also sore at China for the delay when the Projects could have started under his Term if only China acted quickly. 

For me this is a big Minus for China in terms of getting into the good Graces of the Filipinos, they should've acted more quickly and decisively when PBBM sat in power. 

Such a waste, they were already doing so well in terms of Public Relations (PR) with their new Philippine Ambassador. Now let’s just wait and see how the renegotiations of the Projects will go as PBBM had instructed. 

SOURCES: 
* China withdraws funding for 3 Railway Projects: DOTr Exec {Archived Link}
* Chinese Embassy Manila Facebook Page Post, 07/17/22 – 1603H {Archived Link}

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