‘Philippines not in danger of falling into China debt trap’ (The Philippine Star) – May 2, 2019 – 12:00am NADI – As long as global best practices in lending are followed and debts are sustainable, the Philippines is in no danger of falling into a debt trap over its increasing Chinese loans, according to a top official of the Asian Development Bank (ADB). ADB chief economist Yasuyuki Sawada also told a press briefing in this Fijian city yesterday that the upcoming midterm elections would not create political instability that might pose risks to Philippine development efforts. The ADB is projecting gross domestic product (GDP) growth of 6.4 percent for the Philippines this year and next – an improvement from 2018, when GDP growth slowed down to 6.2 percent from 6.7 in 2017. Inflation, which spiked to 5.2 percent last year amid a weaker currency, soaring rice prices, the fuel excise tax and other revenue reforms, is also projected by the ADB to ease to a manageable 3.8 percent this year. Concerns have been raised that the Philippines under President Duterte is relying heavily on Chinese loans and leading the country into a debt trap. Sawada, however, told The STAR here that the… Read full this story
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