VP Robredo demands admin's transparency on higher gov't debt

Vice President Leni Robredo on Sunday demanded for the Duterte administration's transparency following the rise of the national government’s outstanding debt to another record-high of P7.160 trillion as of end of September 2018.

"Dine-demand natin sa pamahalaan na maging transparent, malaman natin kung saan siya napupunta. Maraming sinasabi na 'Build, Build, Build.' Maraming sinasabi na iyong mga proyektong galing sa China pero sana alam ito ng taumbayan," Robredo told reporters during an event in Legazpi City.

Robredo noted that debts are not entirely bad as long as these are used to further boost the country's economy.

"Halimbawa, napupunta ito sa mga kalsada, napupunta ito sa mga tulay, doon sa mga lugar na mahirap maabot—ito iyong mabuting utang, kasi iyong expected na returns nito mas malaki kaysa doon sa utang," she said.

Robredo added that citizens should be more discerning on the matter of government borrowings, recounting some lessons from the Marcos regime.

"Pero kung... halimbawa, baka maulit iyong panahon noong Marcos years, na iyong utang napupunta sa bulsa ng mga cronies. Paano natin iyon babayaran? Kung naaalala natin, long after napatalsik natin si Marcos sa puwesto, binabayaran pa din natin iyong utang na hindi naman bansa iyong nakinabang," she said.

According to the Bureau of the Treasury (BTr), the country's foreign debt accounted for 35.92 percent of the total outstanding liabilities as of end-September, while domestic borrowings contributed the lion’s share of 64.08 percent. —Dona Magsino/KG, GMA News