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By Luis Leoncio After revealing that the Aquino administration incurred a record P4.16-trillion debt in just five years, the Freedom from Debt Coalition (FDC) is now demanding that the government make a public accounting on how it used the borrowings to improve the lives of the Filipino people.“A detailed explanation by the government is long overdue on how the loans were contracted, where they went, how they were used and what became of the programs and projects on which they were supposedly spent,” the FDC said. Purisima, seeking to rebut the budget and debt watchdog for claiming that the President has become the biggest loan addict among Philippine chief executives, said the current administration has been very active in the international capital market as part of its liability-management program, enabling it to lengthen debt maturities at lower cost.
18, the government again borrowed billion in 25-year US dollar-denominated global bonds, with an interest rate of 3.7 percent, the lowest coupon ever issued by the country to date.
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“We have enough money internally to finance all our requirements and we have enough money to pay for our debt.
It is not advisable to borrow money from abroad,” he said.