Defensor: DOF should give details on P1.86-T borrowing frenzy
The Department of Finance obtained a total P1.86 trillion in loans for the government in just six months but has not explained in detail to the public where the money was or where will it be spent.The seeming lack of transparency in obtaining loans was raised Thursday by Anakalusugan Rep. Michael Defensor who called on Secretary Carlos Dominguez to explain everything in detail.
He pointed out that he and many people fully understand that the COVID-19 situation has prompted government to obtain foreign and domestic loans. “For instance, how much of the P1.86 trillion went to COVID-19 response measures, how much for infrastructure, how much for debt repayment, and how much for salaries, if any,” he added.
Of the P389 billion, P211 billion was used for the two waves of financial assistance to at least 18 million low-income families amounting to P5,000-P8,000 under Bayanihan 1 or the We Heal as One Law, Avisado disclosed.
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