PH DEBT FOR COVID-19 RESPONSE REACHES P429 BILLION
Finance Secretary Carlos G. Dominguez III confirmed that the government has P428.91 billion in borrowings for the COVID-19 response efforts.
According to Dominguez, the multibillion-dollar financing came from the country’s development partners and private banks.
“Given all that has happened in the past months, we expect to collect significantly less revenue than projected at the start of the year, even as we spend more for our people,” he explained.
Despite the increased debt, Dominguez assured that it is still manageable based on the proportion debt to the country’s economy.