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Utang pa more! Dominguez ready to borrow P3T more in 2021

The Philippines will continue to rely on loans to keep the economy afloat as the COVID-19 pandemic continues to paralyze economic activity.

Finance Secretary Carlos Dominguez III said the government plans to borrow another P3 trillion in 2021, roughly the same level this year to respond to the coronavirus pandemic which has spread with alarming speed.

The country has over P9 trillion in unpaid debt as of June.

Dominguez said 75% of the P3 trillion would be borrowed locally while the rest will be sourced overseas.

“Our recovery plan is in place and when it was made, we had anticipated a large reduction in the GDP growth (in the second quarter),” Dominguez said, referring to the 16.5 percent plunge in the economy.

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