By JOCELYN MONTEMAYOR and WENDELL VIGILIA
Presidential spokesman Harry Roque allayed public concerns over the more than P11- trillion debt incurred by the Philippines in May, saying this is in the “midrange” level when compared with those in lower to middle-income nations.
Roque also said the the country can pay off the debt “It looks huge, but we are in the midrange and it won’t be a problem in terms of our ability to pay them as they fall due,” Roque said in a briefing held after the ceremonies for the vaccination of workers under the A4 category in Clark in Pampanga.
Roque said other nations whose economic status are the same as the Philippines’ have incurred much bigger debts.
“The reported external debt is midrange if you compare it to economies as strong as the Philippines, such as economies in Latin America, lower-middle income countries,” Roque said.
The Bureau of Treasury’s (BTr) announced the total outstanding debt reached an all-time high of P11.071 in May trillion as the government borrowed more from the domestic market to fund its coronavirus disease (COVID-19) pandemic response.
But Bayan Muna party-list Rep. Carlos Zarate assailed the government for burying the country in debt following its massive borrowing spree while at the same time claiming it no longer has funds to give out cash aid.
Zarate said the administration still refuses to allot a measly P405 billion for the proposed Bayanihan 3 law to help its suffering citizens.
