Bayan Muna to Duterte: Stop burying Filipinos in foreign debts
Bayan Muna party-list on Friday said President Rodrigo Duterte should stop taking on more foreign debt as loans had already surpassed the government’s Covid-19 expenses by 500 percent.

Bayan Muna to Duterte: Stop burying Filipinos in foreign debts

Share on facebook
Share on google
Share on twitter
Share on linkedin

Bayan Muna party-list on Friday said President Rodrigo Duterte should stop taking on more foreign debt as loans had already surpassed the government’s Covid-19 expenses by 500 percent.

Bayan Muna party-list Rep. Carlos Isagani Zarate and Bayan Muna chairman Neri Colmenares demanded that government “stop burying the Filipino people in debt unless accounting of all expenditures are first audited,” claiming that Duterte is now “awash with funds from these loans.”

“The Duterte administration has borrowed a total of P413.5 billion in foreign loans from January to June 2020. This is actually more than the P374 billion which Pres. Duterte reportedly spent for his Covid response,” Colmenares said.

“Worse, President Duterte also borrowed P1.68 trillion by selling government securities in the same period. This is a total of P2.093 trillion loans just in the first six months of this year,” said the Bayan Muna chairman

“All the P374 billion claimed by President Duterte to have been realigned for Covid has now been replenished, so why keep on borrowing when the P2.093 trillion is more than five times the P374 billion spent by government for Covid?” Colmenares said.

“With these monies, government can afford mass testing, giving the second round of SAP aid to the poor as required by the Bayanihan law including financial aid to drivers and even the middle class, as well as SMEs,” he added.

“There are 998,342 MSMEs in the Philippines and yet Pres. Duterte reported in his SONA that they have only approved 2,600 MSME loan applications for a measly Php 182.5 Million. Saan napunta ang bilyon na sinasabi ni Pres. Dutert para sa MSMEs?” asked Colmenares.

“The total debt of all Filipinos now, under President Duterte is a staggering P9.05 trillion” said Zarate.

“This means that each and every Filipino man, woman and child owes a staggering P83,000 each. We demand a thorough government accounting of the funds, and where these funds were spent, before President Duterte incurs more loans and buries us in more debts,” he said.

Leave a Comment

POLITIKO / Live!

Share on facebook
Share on twitter
Share on reddit
Share on whatsapp
Share on email

POLITIKO / Across the Nation

POLITIKO / Latest News

MCD MULTI MEDIA/ Network

  • PACC dinagsa ng 8K reklamo sa ayuda

    Nakatanggap ng tinatayang 8,000 reklamo ang Philippine Anti-Corruption Commission (PACC) kaugnay sa distribusyon ng cash aid sa mga apektadong indibiduwal at pamilya sa National Capital Region (NCR) at apat na lalawigang isinailalim kamakailan sa enhanced community quarantine (ECQ). The post PACC dinagsa ng 8K reklamo sa ayuda first appeared on NewsKo.

Weekly Sports News

Sign up for our Newsletter

We are a social news blog where politikos, their kin, friends and allies are the center of the universe. We write about their words and deeds, likes and dislikes, dreams and fears. We are here to entertain, provoke and hopefully inform you along the way.

Disclaimer