The Philippine debt as computed by the Ibon Foundation (Graph by Ed Lustan)
MANILA, Philippines — The government’s borrowings will be “put into good use,” the Palace assured on Thursday as the country’s outstanding debt stood at over P12 trillion.
The Bureau of the Treasury in late March said that with a weaker peso and additional local and foreign borrowings, the country’s debt soared to P12.09 trillion as of end-February.
“We assure our people that the country’s borrowings, which put the county’s outstanding debt to more than P12-T, as end of March 2022, shall be put into good use and utilized effectively and efficiently,” acting presidential spokesperson Martin Andanar said in a statement.
He added that the recent borrowings would be used to address COVID-19 and recovery and resiliency efforts.
“We need to sustain our country’s long-term socioeconomic growth and development,” said Andanar.
Using the borrowings, the government has purchased COVID-19 vaccines among others.
The Department of Finance earlier said that it will take 40 years to repay the P1.31 trillion in foreign debt of the Duterte administration.