Drilon urges gov’t to borrow more money to shore up the economy

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Senate minority leader Franklin Drilon on Thursday said the government should borrow more money to continuously fund its response to the COVID-19 pandemic and shore up the country’s economy.

Drilon said he believes the government has no choice but to borrow more cash since tax collections are down.

“Our present financial standing is not sufficient for us to cope with the pandemic situation. The COVID-19 pandemic is far from over,” Drilon pointed out. Among those that extended loans to the Philippine government are the Asian Development Bank with $2.6-billion, the World Bank with $1.2-billion, the Asian Infrastructure Investment Bank with $750-million, and Agence Française de Développement with $275.7-million.

“Kailangan umutang tayo wala tayong magagawa. Lahat ng bansa tumataas ang utang kasi lahat apektado hindi lang naman tayo. ,” the minority leader reiterated.

Source: Financial Digest (financialdigest.net)

 

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