By: Elena Grace Flores
YouTube video by CNN Philippines
The Philippines is Strong Enough to Battle the Covid-19 Crisis
1.1 Trillion Pesos Funds Big Enough Considering the Economy
More funds are needed to help government deal with the global pandemic. Does the country have enough money? And how much will the government need to get back on its feet after the crisis?
Pinky Webb goes straight to The Source of the story: Finance Secretary Sonny Dominguez.
Senator Imee Marcos’ Disclosure on Credit Rating
Earlier, Senator Imee Marcos said that the DOF or the Department of Finance could borrow up to P440 billion without exceeding the manageable debt ceiling of 5.4%. Marcos stresses that the government currently maintains a 3.2% level. After the $100 Billion loan approval from the World Bank,Finance Secretary Carlos Dominguez III confirms that the country indeed has a good credit rating. We have yet to utilize loan facilities from the ADB, AIIB and World Bank, before resorting to commercial markets, he added. The P1.1 Trillion needed to fund the ongoing Build, Build, Build project, Covid-19 subsidies under the Bayanihan to Heal as One Act by the Senate until end of may and some recovery programs are covered.
Favorable Economy to Beat the Covid-19 Crisis
Secretary Dominguez commends the President for the very strong financial position of the Philippines to face the pandemic. He said that the Duterte administration manages to constantly increase revenues for the last 3 years. The spending are only limited to viable projects that promise returns like the Build, Build, Build. The poor people are prioritized for the goods and monetary assistance. However, the middle class who are employees and operators of SMEs can also have some benefits. Like the suspension of loan interests, 30-day rental fee grace period, and financial facility to stay afloat and revamp businesses after the lockdown. Filipinos must be so lucky to have a president like the late President Ferdinand Marcos who manages the WB gold reserves from the grave and President Duterte for believing in him through his alliance with the surviving Marcos siblings.