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Manila Bulletin devider Philippines devider National devider Palace defends P12-trillion debt; 'no irregularities in gov't spending'

Palace defends P12-trillion debt; 'no irregularities in gov't spending'

Published Apr 7, 2022 01:42 pm

Malacañang on Thursday, April 7, defended the country's outstanding debt, adding that it is needed to fund the programs and projects intended for the welfare of Filipinos.

(FILE PHOTO)

Communications Secretary Martin Andanar issued the statement after presidential candidate Senator Panfilo Lacson said it is "embarrassing" for any public official to leave trillions of pesos in debt as a legacy to the public.

A report from the Bureau of Treasury released March 31 stated that the national government's total outstanding debt stood at P12.09 trillion as of the end of February this year.

According to Lacson, the country's outstanding debt may reach P13.4 trillion when Duterte's term ends and it would be a "shame" if the next administration would carry the burden of paying it.

However, Andanar shrugged off Lacson's statement as only a "part of election campaign rhetoric."

"Be that as it may, President Rodrigo Roa Duterte has already addressed this issue saying that there is a need for government borrowing to finance the Administration’s programs and projects," he said.

Andanar also echoed the President's recent statement and emphasized that public funds are being utilized properly.

"What is important, the Chief Executive underscored, is there are no irregularities in government spending," Andanar noted.

In a meeting with the national and regional task forces to end the local communist armed conflict in Lapu-Lapu City, Cebu last week, Duterte said there is nothing wrong with borrowing money as long as it is being used properly to address the needs of the people.

"It’s not bad to borrow. Maski kayong mga local governments makahiram kayo (Even you in the local government can borrow) ... I will approve anything there as long as it is for the good of the Filipino people," Duterte said.

"Iyong iba kasi 'pag sabihin utang nang utang. Walang gobyerno dito sa mundong ito na walang utang (They said I always borrow money. There is no government in this world that has no debt)... You borrow money if the taxes are not enough for our needs," he added.

Related Tags

President Duterte Debt outstanding debt Martin Andanar Philippines ping lacson
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