MANILA - The Freedom from Debt Coalition on Wednesday raised concern about the Philippines' ability to repay its ballooning debt after several global financial institutions downgraded their economic outlook for the country this year.
But FDC President Rene Ofreneo pointed out that weakening global growth will weigh down the Philippine economy. He said the country was unlikely to hit even the lower end of the 6 to 7 percent growth target range set by economic managers. Ofreneo said that P924.7 billion pesos has been allocated to the education sector in 2024, while debt repayment could be as high as P1.939 trillion, when principal payments, interest payments and net lending are taken into consideration.“Ang sabi sa saligang batas, education shall be the highest priority pero mayroong magic na ginagawa sila,” said Ofreneo, referring to the government’s debt service reporting wherein they exclude the principal amortization amount from budget expenditures.
Diokno also said that the Philippines’ credit ratings from various global debt watchers, which it managed to keep despite a series of downgrades globally during the pandemic,are testaments to their confidence in the country’s ability to pay its debt.
Source: Loan Digest (loandigest.net)
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