Palace ensures PH borrowings are used efficiently for Covid-19 response

Published May 5, 2022, 4:12 PM

by Argyll Cyrus Geducos

Malacañang assured the public that the government is spending the country’s borrowings efficiently as the country availed itself of more loans amid the ongoing Covid-19 pandemic.

File photo of residents maintaining social distancing as they wait for their turn to get the cash assistance or “ayuda” in Parañaque City. (Parañaque City – Public Information Office/ MANILA BULLETIN)

Communications Secretary Martin Andanar made the statement after the Bureau of Treasury noted that the country’s outstanding debt climbed to P12.68 trillion in March 2022, a 17.7-percent annual increase.

In a statement, Andanar assured Filipinos that the country’s borrowings were not wasted.

“We assure our people that the country’s borrowings, which put the county’s outstanding debt to more than P12 trillion, shall be put into good use and utilized effectively and efficiently,” he said.

The acting Palace spokesman explained that the recent borrowings would be for the country’s Covid-19 response and recovery and resiliency efforts.

“We need to sustain our country’s long-term socioeconomic growth and development,” he said.

The Bureau of Treasury reported P8.87 trillion in domestic loans in March, making up 69.9 percent of the total debt stock.

Meanwhile, foreign borrowings hit P3.81 trillion, a figure which is 30.1 percent of the country’s overall debt.