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Manila Bulletin devider Philippines devider National devider Solon: Ok for PH to make more borrowings for COVID response amid P9.1-T national debt

Solon: Ok for PH to make more borrowings for COVID response amid P9.1-T national debt

Published Sep 7, 2020 01:30 pm

A ranking member of the House of Representatives is unperturbed by the country's national debt of P9.164 trillion. In fact, he says it's OK for the Philippines to make more loans, as long as these are for ensuring better government response to the COVID-19.

"The country's macroeconomic fundamentals are strong," said Committee on Dangerous Drugs chairman, Surigao del Norte 2nd district Rep. Robert Ace Barbers on Monday.

Surigao del Norte 2nd district Rep. Robert Ace Barbers
(MANILA BULLETIN FILE PHOTO)

"Because of this, we are given a positive credit rating, meaning we can borrow money domestically and internationally to address COVID and for infrastructure projects to jumpstart the economy. Why work hard to achieve it if we won't apply for a loan?" asked Barbers, who is also a vice-chairman of the Accounts and Public Accounts panels.

The Mindanao solon was referring to the investment grade rating given by the big three credit rating agencies -- Moody’s Investors Service, Fitch Ratings, and S&P Global Ratings -- to the Philippines in recent months.

Citing the country's creditworthiness, Barbers said: "Wag tayong matakot na umutang. Pag aagawan tayo ng mga banko (Let's not be afraid to borrow money because banks will scramble for our application)."

The Philippines now has a total obligation of P9.164 trillion as of July. The amount is roughly twice the proposed national budget for the year 2021 (P4.506 trillion).

"I wouldn't mind paying the debt in the next 20 years if ma-address nang maayos ang problema sa COVID (if the COVID problem would be addressed properly). For me, it will be worth it," Barbers said.

He said the P9.164-trillion national debt represents the combined borrowings of several administrations and not just the present one.

"That's our total national debt. Ang sa COVID-related loans hindi pa ganun kalaki (COVID-related loans aren't that big)."

"Our debt capacity is still manageable, meaning OK pa tayo maka-utang (it's still OK to borrow) especially if we will use the funds for investments on health and infrastructure," he added.

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