Senate Minority Leader Aquilino 'Koko' Pimentel III on Thursday opposed Finance Secretary Benjamin Diokno's latest remark that the country's debt is 'manageable and is not a cause of concern.'
Senate Minority Leader Aquilino "Koko" Pimentel III on Thursday opposed Finance Secretary Benjamin Diokno's latest remark that the country's debt is ""Ay hindi. Ako, matagal na akong hindi nakakatulog dahil dyan. So kailangan nakatutok tayo dyan," Pimentel said in a virtual interview when asked about Diokno's statement.
"Ang sinasabi niya, 'We will outgrow our debt.' ibig sabihin n'on nakatingin siya sa ratio but ang utang natin is not the ratio. Ang utang natin is a number, ang number n'on is P13 trillion and going to P14 trillion by the end of this year," he said. During a Commission on Appointments hearing Wednesday, Diokno explained that the debt-to-GDP ratio increased from 40% before the pandemic to 62% during the pandemic due to the vaccine procurement and improvement of health services, among others.
This is the highest debt-to-GDP ratio since 2005, when it hit 65.7%, well over the internationally recommended threshold of 60%.
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