Gibo clueless on Chinese investments

A local reporter’s ear might have heard the words as a joke, but defense secretary Gibo Teodoro was really disparaging Chinese investments in the Philippines, just as he is wont to do. 

The guy cannot let a day pass without thinking, doing or saying something bad, evil and sinister against China.  No defense secretary from Ramon Magsaysay in the 1950s to Delfin Lorenzana in 2022 was like that.

Well, Gibo took a jab at China’s investments, saying POGOs might suddenly pop up in the “West Philippine Sea” of Beijing were allowed to invest there.

Gibo is clueless on Chinese investments here, or his vassalage to America has forced him to go blind.

Teodoro does not care that Chinese technology and workers were behind Meralco’s MTerra Solar project, now delivering 600 megawatts of alternating current to the NGCP, which incidentally is partially owned by a huge Chinese firm.

Gibo glosses over the fact that China-led Asian Infrastructure Investment Bank (AIIB) is advancing non-sovereign financing to major Philippine conglomerates, such as the SM Prime Holdings and Enrique Razon’s International Container Terminal Services Inc.

SM’s Pasay 360 reclamation project along Manila Bay is being financed by AIIB for $150 million and the ADB for $500 million, while Razon got $300 million for his infra projects in Manila, Batangas, and Mindanao.

The boastful Gibo said, “We have seen the quality of their investments here.  We might end up having a POGO in the WPS if we let them invest there.”

For one, he has not “seen” the business connections of Alipay and Chinese financial tech in Mynt’s GCash, or the ongoing dominance of BYD in the electric car market in the country, let alone other Chinese vehicle brands such as Howo in commercial trucks.

Finally, the government of China had appealed to the Philippine government on June 13, 2024 to stop the operation of POGOs, saying this will ”root out social ills”

In a statement, the embassy said the Chinese government strictly cracks down on Chinese citizens engaging in gambling business abroad, including POGOs.

“Ample evidence shows that POGO breeds serious crimes such as kidnapping for ransom, human trafficking, and murder. POGO is detrimental to both Philippine and Chinese interests and images and China-Philippines relations,” said the embassy.

It likewise noted that China has assisted the Philippines in shutting down five POGO hubs and repatriating nearly 1,000 Chinese citizens in 2023 alone.

With this, the embassy denied what it called “baseless accusation and smearing” against China in connection with POGOs.

Heeding this appeal, President Marcos directed Pagcor to stop all POGOs during his state of the nation address on July 22, 2024 — which is 35 days after the Chinese embassy issued its request.

Ambassador Jing Quan noted correctly that Teodoro “turned oil and gas development into cheap political jokes.  What the people need is a solution to soaring fuel prices, not a stand-up comedian.”

The Chinese envoy has more empathy for Filipinos than the DND chief.