‘Finance department is still oblivious’

In response to Finance Secretary Carlos Dominguez’s statement of rejecting the debt moratorium:

“The Philippines is in the worst public health crisis in its history. Yet the finance department is still oblivious and prioritizes “[honoring] financial obligations”, “investor confidence”, and a warped notion of being a “credible and responsible borrower”. The 2020 budget allots Php1.03 trillion for servicing debt — Php451 billion for interest payments and Php582.1 billion for principal amortization. Php 285.8 billion of this goes to servicing foreign debt.”

Sonny Africa

Executive Director, IBON Foundation

Carlo Francisco