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Dominguez: PH shuns 'debt trap' with 'great prudence' in borrowings

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="http://sa.kapamilya.com/absnews/abscbnnews/media/2018/news/11/28/dominguez.jpg"/><figcaption>Finance Secretary Carlos Dominguez gestures during a speech at en economic forum. JonathanCellona, ABS-CBN News/File</figcaption></figure></div>MANILA -- President Rodrigo Duterte&#x27;s government &quot;borrows with great prudence,&quot; the head of his economic team said Wednesday, as he dismissed as &quot;totally unfounded&quot; concerns that the country was falling into a debt trap.Soft loans from China and Japan were secured at the lowest possible interest and the longest possible term arrangements, Finance Secretary Carlos Dominguez told a business forum in Davao City.By the end of Duterte&#x27;s &quot;Build, Build, Build&quot; program, China would have accounted for P4.50 for every P100 of the Philippines&#x27; total debt, compared to P9.50 from Japan, he said.&quot;We borrow with great prudence, aware that it is their taxpayer and their children who will pay for this debt,&quot; Dominguez said. &quot;We made sure the country got the best deals possible.&quot;&quot;Some uninformed critics claim we are falling into a debt trap. That is totally unfounded,&quot; he said.

Soft loans from China and Japan were secured at the lowest possible interest and the longest possible term arrangements, Finance Secretary Carlos Dominguez told a business forum in Davao City.

Soft loans from China and Japan were secured at the lowest possible interest and the longest possible term arrangements, Finance Secretary Carlos Dominguez told a business forum in Davao City.