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Planned P1.2T loan bucked

  • Written by Marlon Purificacion
  • Published in Nation
  • Read: 338

SENATOR Panfilo “Ping” Lacson yesterday expressed opposition to the government’s plan to borrow around P1.2-trillion in 2019.

Lacson frankly said huge amounts of appropriations every year that the government had failed to use and later on went into the pockets of unscrupulous government officials.

“Ang mas masama pa, ninanakaw lang ng ilang mga masisiba na walang kabusugan sa pera, samantalang tayong mga mamamayan ang magbabayad ng kaukulang buwis,” Lacson lamented.

The senator clarified that he is not against the government getting international loans but only if the funds are being utilized effectively.  He added that the budget must directly go into developmental projects as a form of investments.

A frustrated Lacson wondered when the government would be able to operate with the available budget and when the country would achieve a balanced budget.

Economist Senator Ralph Recto meanwhile vowed to scrutinize every detail of the proposed budget for 2019.

He said that the government should be careful with spending the fund especially if it comes from loans. 

“Interest rates are going up and future generations will pay for them. P1.2 trillion is a large amount. When govt. borrows too much money it crowds out the private sector and may cause inflation,” said Recto.