Since the government will borrow P3 trillion each this year and in 2021 to better address the health and socioeconomic crises inflicted by the COVID-19 pandemic, the Philippines’ debt-to-GDP ratio was projected to further rise to 53.9 percent by year’s end and 58.3 percent in 2021.If attained, the projected debt-to-GDP ratios in 2020 and 2021 would be the highest since the 58.8 percent recorded in 2006.
“Financial inclusion is a pillar of the Duterte administration’s socioeconomic agenda. The approval of the ADB’s inclusive finance development program, subprogram 2, will help the government reach its financial inclusion targets. Filipino families will be less vulnerable to onerous lending practices and government subsidies can reach beneficiaries faster and more efficiently,” Dominguez said.
“The ADB program will support our country’s efforts to digitalize our banking and payments system. COVID-19 has underscored how important digital systems and contactless transactions are for economic resilience,” Dominguez added.
bendeveraINQ Well, easy for you to say. But actually, it is for the next administration to find out. 🖖