MANILA – Malacañang guaranteed the public on Thursday that the country’s borrowings will be put to good use, notably in fighting the ongoing coronavirus disease 2019 (Covid-19) pandemic.
Following the report of the Bureau of the Treasury (BTr) that state liabilities reached PHP12.68 trillion in March, up 4.8 percent or PHP586.29 billion higher than the PHP12.09 trillion recorded as of the end of February, Acting presidential spokesperson and Communications Secretary Martin Andanar made this statement.
“We assure our people that the country’s borrowings, which put the county’s outstanding debt to more than PHP12-T, as end of March 2022, shall be put into good use and utilized effectively and efficiently,” Andanar said.
Borrowings, he said, are needed to drive economic growth and guarantee immediate funding for emergencies like the Covid-19 pandemic.
“Recent borrowings would be for our Covid-19 response and recovery and resiliency efforts. We need to sustain our country’s long-term socioeconomic growth and development,” he added.
Duterte justified last month the country’s debt increase, stating that the government has been forced to borrow money because of a lack of fund sources.
He stated that borrowing money is fine as long as there are no irregularities in government expenditures.
Duterte even urged local governments to borrow funds, but warned them that it should not be used for corrupt activities.
According to Finance Secretary Carlos Dominguez III, the volume of borrowings accumulated because of the pandemic is understandable given the need to boost financing amidst the decline in revenues due to the lockdowns.
The next administration, he said, will have to design policies and stick to very strict fiscal discipline to grow out of debt.
Based on the data from the BTr, the running debt of the government was 69.9 percent sourced locally and 30.1 percent sourced externally.
The significant jump in total debt portfolio was initially driven by higher borrowings, through the sale of government securities, to both local and foreign creditors, the BTr said.
Domestic debt reached PHP8.87 trillion, higher by PHP455.45 billion or 5.4 percent higher compared to February.
The BTr, meanwhile, stated that external debt was at PHP3.81 trillion, higher by PHP130.84 billion or 3.6 percent higher compared to the previous month.
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