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News
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Duterte remains wary of totally reopening economy
President Rodrigo Duterte said he is not keen on fully reopening the economy at this time, as the number of coronavirus disease 2019 (COVID-19) infections continues to rise. But Finance Secretary Carlos Dominguez III emphasized the need to further ease restrictions, saying there should be a “reasonable balance between safeguarding public health and restarting the economy.” Sec. Dominguez noted there is no need to choose between health and livelihood, saying: “We must protect lives in ways that do not prevent us from earning a living.” Despite the Health department reporting a rising number of COVID-19 infections after lockdown measures were relaxed, Pres. Duterte believes the country is still grappling with the first wave of the coronavirus pandemic.
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DOF: Philippines has capacity to pay loans
The Department of Finance (DOF) has assured the public that the Philippines has the capacity to pay its loans even as it ramped up its borrowings to finance measures to address the COVID-19 pandemic. Finance Secretary Carlos Dominguez allayed fears that the government is getting buried in debt amid the global health crisis. According to the finance chief, the government is increasing its borrowings to finance the growing spending requirements due to COVID-19 amid weak revenue generation.
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