ICYMI: It will take 40 years, or about two generations, to repay the P1.31 trillion in foreign debt that the Duterte administration incurred for the COVID-19 pandemic, the DOF said.
The Philippines also secured $54.1 billion, or P2.74 trillion, worth of grants, which it need not repay, from the Japanese government, ADB, European Union, and the World Bank, Beltran said.
The Philippine economy grew by a better-than-expected 5.7 percent last year, reversing its worst annual recession post-war in 2022, when the gross domestic product , or the total goods and services produced in the country, slid by a record 9.6 percent at the height of the lockdowns.“The Filipino people are grateful to development partners who provided P2.7 billion in grants and 76.4 million doses of vaccines,” Beltran added.
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