Is it still relevant to our security? Maybe not,” Philippines Defence Secretary Delfin Lorenzana said at a press conference last month, revealing his plans to review the 1951 Philippine-US Mutual Defence Treaty (MDT).

In order to finance its ambitious “Build, build, build” programme, the Rodrigo Duterte administration would need the infusion of massive foreign loans. In the past, the Philippines depended on the World Bank, the International Monetary Fund and other Western financial institutions. Now, the main source of loans is China.