MANILA -- President Rodrigo Duterte's government "borrows with great prudence," the head of his economic team said Wednesday, as he dismissed as "totally unfounded" 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's "Build, Build, Build" program, China would have accounted for P4.50 for every P100 of the Philippines' total debt, compared to P9.50 from Japan, he said.
"We borrow with great prudence, aware that it is their taxpayer and their children who will pay for this debt," Dominguez said. "We made sure the country got the best deals possible."
"Some uninformed critics claim we are falling into a debt trap. That is totally unfounded," he said.