Palace: PH's P11.07-trillion debt seems huge, but can be paid | Inquirer News

Palace: PH’s P11.07-trillion debt seems huge, but can be paid

By: - Reporter / @KAguilarINQ
/ 03:31 PM July 06, 2021

MANILA, Philippines — The figure may appear huge but the Philippines’ P11.07-trillion debt is “mid-range” compared to other lower-middle-income countries hence there would be “no problem” in paying it, Malacañang said Tuesday.

Recent data from the Bureau of the Treasury showed the Philippines’ debt hitting a new high at P11.07 trillion end-May compared to P10.99 trillion in April.

“Alam po ninyo, very conservative po ang ating economic team headed by [Finance] Secretary Dominguez. Iyong ating naiulat pong external debt ngayon, iyan po ay nasa mid-range kung ikukumpara natin sa mga ekonomiya na kasinlakas natin, kagaya ng iba’t ibang ekonomiya po ng Latin America – lower-middle-income countries,” presidential spokesperson Harry Roque said in a press briefing.

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(You know what, our economic team headed by Secretary Dominguez is very conservative. Our reported external debt now is mid-range compared to economies that are the same as ours, like in Latin America and other lower-middle-income countries.)

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“So malaki pong tingnan iyan, but we are in the mid-range at wala naman pong problema iyan pagdating doon sa ating kakayahan na magbayad as they fall due,” he added.

(It looks huge but we are in the mid-range and there is no problem when it comes to our capacity to pay for it as they fall due.)

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Earlier, the Department of Finance said the country’s debt remains bearable due to low-interest rates and a strong peso.

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TAGS: loans, Malacañang, national debt, Palace

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