The government cannot resort to borrowing funds only to bankroll its efforts to contain the coronavirus outbreak and instead must practice fiscal prudence, according to a Palace official.
Presidential spokesman Harry Roque has cautioned about the danger of excessive government borrowing, saying it could push up interest rates and affect the public’s ability to pay their loans.Apart from seeking loans, he maintained that the government must continue to collect taxes to augment revenues for the coronavirus response.
Roque also admitted that asking for a supplemental budget from Congress for the coronavirus response and stimulus program is not easy. He said the government can only ask for a supplemental budget if there is a certification from the National Treasurer about excess funds as well as new revenue resources to support it.
Roque acknowledged that taxpayers must continue to pay their share to help boost government resources for the COVID-19-related efforts. He said the nation’s coffers currently contain the tax collection made from the previous year. President Duterte is expected to meet on Monday with the government task force and decide on the country’s quarantine status. The President’s public address is expected to be delivered afterward.
Asked about the country falling into deep debt, Roque said this was better than having no funds to meet the nation’s needs. On whether the government has set aside certain Build Build Build program to divert funds for COVID response, Roque said such an option has not been applied yet. He said the government intends to sustain these major infrastructure projects to help revive the local economy.
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