PH Finance Department Posts Country’s Total COVID-19 Debt
PH FINANCE DEPARTMENT – The Department of Finance gave an update regarding the total debt of the Philippines for the anti-COVID programs.
A lot of countries are financially burdened now because of the COVID-19 pandemic. The Philippines is one of the nations that are greatly suffering because of the pandemic.
It was more than two (2) years ago when the pandemic started. Strict restrictions were implemented to fight the spread of the virus. The restrictions called for the temporary closure of certain establishments or the limited operation of most businesses in the country.
Several companies and businesses were not able to thrive to the demands of the pandemic. Some business owners had no choice but to temporarily or permanently close their businesses.
The COVID-19 pandemic really pulled the economy of the Philippines down amid the closure of businesses in the country. The Filipinos were urged to live in the new normal setting.
Amid the fight against the COVID-19 pandemic, the Philippines had to borrow money from different banks and bilateral partners to support the anti-COVID programs. The country also borrowed money to procure vaccines in the pursuit of achieving herd immunity.
Recently, the PH finance department posted the total debt of the country for the anti-COVID responses as of January 2022. The debts to different banks and bilateral partners have reached P1.3 million. It can take up to 40 years to be paid.
According to Gil Beltran, the chief economist of the PH finance department, there is a need for a fiscal consolidation program and a good revenue collection so the debts will be paid off. Meanwhile, he stressed that the loans have helped in the recovery of the country’s economy.
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