124 0 0 5 min to read

Borrowing money isn’t bad: Duterte defends debt growth.

MANILA, Philippines β€” Due to a lack of funds, President Rodrigo Duterte said on Thursday that the Philippine government was forced to borrow money.

As of end-February, the country’s outstanding debt had risen to PHP12.09 trillion, according to Duterte.

Duterte emphasized the need for government borrowings in a speech held in Lapu-Lapu City, stating the money would be utilized to fund large-scale projects.

“The government is like to a home.” Ang sweldo ko, ganito lang (Now, my income is simply this much), yet my house is in need of [maintenance]. The roof is leaking, or you require a new balay (house). He declared during a joint conference of the National and Regional Task Forces to End Local Communist Armed Conflict, “If you don’t have money, you borrow.”

Duterte claimed that his administration had no choice because income collection was insufficient.

To avoid “collapsing,” the government, like private enterprises, must borrow, he said.

“‘Yung iba kasi ‘pag sabihin, utang nang utang,” says the narrator. Ito na walang gobyerno sa mundong na ito na ito na ito na ito na ito na ito na ito Because ‘pag maghinto ako ng utang at kinulang ‘yung taxes nakolekta ko Every government on the planet is in debt. If tax revenue is insufficient, I will have to borrow money,” Duterte added. “If it isn’t sufficient for our requirements, then tapos may gusto kang gawing huge projects anang tulay” (then we want to pursue big projects like bridges).

Duterte stated that borrowing money was not a problem as long as government spending was not irregular.

He even encouraged local governments to borrow money but cautioned them against using it for dishonest purposes.

“Borrowing isn’t such a bad idea. Maski kayong mga local government, makahiram kayo, just make sure na ‘yung corruption, tignan lang ninyo na ‘yung corruption, tignan lang ninyo na ‘yung corruption, tignan lang ninyo na ‘yung corruption, tignan lang (Local governments can even borrow, just be sure there is no corruption). It isn’t… Anything there basta (as long as it is) for the good of the Filipino people, I will endorse. Go ahead and do it if it’s in our best interests. “I don’t have a problem with it,” Duterte stated.

According to figures provided by the Bureau of Treasury (BTr) on Thursday, the country’s debt pile as of end-February was 0.5 percent, or PHP63.83 billion, higher than the PHP12.029 billion reported as of end-January.

The BTr said in a statement that the increase in the Philippines’ debt was due to “currency changes and net financing from both domestic and external sources.”

Domestic borrowings accounted for 69.6% of the government’s PHP12.09 trillion debt, or PHP8.41 trillion, while external borrowings accounted for 30.4 percent or PHP3.68 trillion.

QR Code

Save/Share this story with QR CODE


Disclaimer

This article is for informational purposes only and does not constitute endorsement of any specific technologies or methodologies and financial advice or endorsement of any specific products or services.

πŸ“© Need to get in touch?

Feel free to Email Us for comments, suggestions, reviews, or anything else.


We appreciate your reading. 😊Simple Ways To Say Thanks & Support Us:
1.) ❀️GIVE A TIP. Send a small donation thru Paypal😊❀️
Your DONATION will be used to fund and maintain NEXTGENDAY.com
Subscribers in the Philippines can make donations to mobile number 0917 906 3081, thru GCash.
3.) πŸ›’ BUY or SIGN UP to our AFFILIATE PARTNERS.
4.) πŸ‘ Give this news article a THUMBS UP, and Leave a Comment (at Least Five Words).


AFFILIATE PARTNERS
LiveGood
World Class Nutritional Supplements - Buy Highest Quality Products, Purest Most Healthy Ingredients, Direct to your Door! Up to 90% OFF.
Join LiveGood Today - A company created to satisfy the world's most demanding leaders and entrepreneurs, with the best compensation plan today.


0 0 votes
Article Rating
Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments
0
Would love your thoughts, please comment.x
()
x