President Ferdinand Marcos Jr. should not follow the example of former President Rodrigo Duterte whose borrowing spree had raised government debt to P12.79 trillion by the time he stepped down from office in June, Hontiveros said. | NCorralesINQ /PDI
“The delay is actually a blessing in disguise,” Hontiveros said.
“Duterte’s pivot to loan financing to the exclusion of PPP for his flagship projects was an unsustainable tactic, and reliance on China for loans even more so,” she added. He also recently told local government units to partner with the private sector especially in infrastructure and digital projects.
The country’s debt reached a new record high of P13.52 trillion at the end of September, buoyed by the depreciation of the Philippine peso against the dollar and more borrowed funds to support the national budget, according to the Bureau of the Treasury.
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