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Senate to probe WB deferment of $232-M loan package to RP


Senators on Tuesday said they would investigate the cause and repercussions of the World Bank’s decision to defer the release of its $232-million infrastructure loan package to the Philippines. Senate President Manuel Villar told reporters that he had already given the go-signal for the probe. “Patunay ito na kahit ano gawin natin para itago ang ating kapalpakan, hindi natin ito pwede itago sa international community like the World Bank (This is proof that no matter what we do, we can’t hide our wrongdoings to an international community like the World Bank)" he said. Senator Loren Legarda said the Senate Committee on Economic Affairs, which she heads, would team up with other committees to investigate the issue. “We need to look into this so we can pass remedial legislation providing safeguards in the use of so-called soft and tied loans." Legarda said the Senate would summon WB officials and ask them what other soft loans already in the pipeline that would be canceled or deferred. She said the upper chamber would invite Jim Adams, the bank’s vice president for East Asia and the Pacific Region, to shed light on the matter. “The international community must trust us by disbursing funds with accountability and transparency," she said Senator Manuel “Mar" Roxas echoed Legarda’s position on having a thorough investigation on the matter. “The WB’s decision to defer its infrastructure loan package to the Philippines due to strong signs of collusion and excessive pricing is a huge national embarrassment," he said. For his part, Senator Edgardo Angara warned that the bank’s action might ripple through other international credit institutions. “WB is the lender. Sinusundan ang galaw nila ng ibang international creditors. It’s the pace-setter…No one might give us loans anymore," he said. Sen. Benigno Aquino III said that while the WB’s decision would have adverse effect on major road projects, he would rather have the loans suspended because of irregularities. “We would rather suffer from the delay than be burdened by projects that are tainted with irregularities," he said. Sen. Alan Peter Cayetano said the loan deferment confirmed allegations that major government infrastructure projects were ridden with anomalies. “Malacañang na lang ang nagbubulag-bulagan sa rampant corruption (It’s only Malacañang that pretends there is no rampant corruption)," he said. - GMANews.TV

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