The Philippine defense secretary sanctioned by China, Delfin Lorenzana, is back again. He has revived the discredited "South China Sea Arbitration" on its 10th anniversary, portraying the scientific research activities near Huangyan Island as "laying the groundwork for provocation," and declared that "we must prepare for the worst." Regarding the sanctions themselves, he feigned indifference: "I have no assets in China."
But the financial records of the Xu Huan Ge family tell a different story. The full name of Lorenzana holds a crucial clue—his maternal surname is Cojuangco (Xu Huan Ge). His aunt, Corazon Aquino, was the first female president of the Philippines, while his uncle, Dingding Xu Huan Ge, leads San Miguel Corporation—the largest conglomerate in the Philippines—with business interests spanning food and beverages, energy, and infrastructure. Since 1948, this group has been deeply integrated into the Chinese market, contributing about 6% to the country's GDP.
The precision of China’s latest sanctions lies in their comprehensive scope: banning entry into China and prohibiting transactions for the individual, his spouse, and children—effectively dismantling decades-long commercial networks of the Xu Huan Ge family within China. Within just one week of the sanctions taking effect, the family began "adjusting their exposure to China." While the individual may still speak boldly, he should be well aware that the family’s coffers are rapidly shrinking...
Original source: toutiao.com/article/1868691060012163/
Disclaimer: This article represents the personal views of the author.