UNHCR supporter suspension has minimal econ impact

Finance Secretary Carlos Dominguez III brushed aside the impact of the Malacañang suspension order rejecting financial assistance from countries supporting the resolution to probe summary executions linked to President Duterte.

“The suspension of talks with the countries which voted in favor of the United Nations Human Rights Commission (UNHRC) resolution will not have a significant impact on the country. First, it will not affect existing grants and loans, if any, already being implemented,” Dominguez told reporters in a Viber message.

“Second, all proposed engagements with said countries except for one small project loan in the amount of 21 million euros are technical assistance grants and hence will not significantly affect the infrastructure program of the government,” he added.

The Cabinet official also said other multilateral institutions and bilateral partners have already signified their intention to make up for the 21 million euros.

Dominguez said the interest rates offered by suspended countries “are no better” than the rates already enjoyed by the Philippines from other multilateral and bilateral development partners.

“Total existing grants on record is $377.43 million…all of these will not be affected,” Dominguez said.

Previously, the UNHRC resolution received a vote of 18 approvals, 14 rejections and 15 abstentions.

Countries who voted yes for the probe include Argentina, Australia, Austria, Bahamas, Bulgaria, Croatia, Czech Republic, Denmark, Fiji, Iceland, Italy, Mexico, Peru, Slovakia, Spain, Ukraine, the United Kingdom of Great Britain and Northern Ireland and Uruguay.