The Philippines’ debt is now P9.05 trillion as of June with the government continuously looking for funds for COVID-19 response, according to the Bureau of Treasury. This came after the government got an additional P163.3 billion loan in May.
The Duterte administration has also breached the amount it borrowed for the entire 2019, with a gap of P1.3 trillion and counting. The loans are a mix of funds from local and international sources. For June alone, the government loaned P413.5 billion from foreign sources, while it has paid roughly P113.5 billion debts in the same month. To support COVID-19 efforts, the government also secured program loans worth P216.3 billion from the Asian Development Bank and the World Bank.
Given massive loans, Filipinos on social media appeal for transparency on where the government spends the funds, especially since a lot of issues that surfaced due to the pandemic are yet to be addressed, particularly the alarmingly growing cases of coronavirus infections in the country.