REP. ANGELICA NATASHA CO
BHW Party-list | Member for the Minority, Health,
Economic Affairs, and 12 other Committees
Author, Barangay Health and Wellness Reform Act (House Bill 3985)
09177292437 | https://www.facebook.com/BHWPhilippinesOfficial/
Economic Affairs Panel Member Rep. Angelica Co suggests transparency portal for all COVID-19 foreign loans, bonds
MINORITY SOLON LAUDS DOF SUCCESS IN SECURING FOREIGN LOANS, ISSUING GLOBAL BONDS TO FUND COVID-19 PROGRAMS
Nararapat lamang na ilahad sa publiko, sa pamamagitan ng isang “transparency portal” ang mga detalye ng COVID-19 foreign loans and bonds, kasama ang mga detalye ng paggastos dito, dahil ang magiging produksyon ng ekonomiya sa mga darating na mga taon, ay magiging pambayad sa mga utang na iyan.
To assure the Filipino people that these foreign-sourced funds are spent wisely and well, I suggest to the DoF, DBM, and COA to create a transparency portal for full disclosure of all details of all COVID-19 foreign loans and bonds.
Habang maaga pa, iminumungkahi ko na sa Commission on Audit na maging masusi sa pag-audit ng spending ng proceeds mula sa COVID-19 loans and bonds.
I am confident the foreign lenders would welcome the operation of such a transparency portal.
We appreciate the moves of the Department of Finance to augment our country’s finances with new foreign loans and global bonds. Since May 31 the DOF has secured at least $6.7 billion worth of loans and bonds.
The terms of the loans and bonds the DOF has secured so far have low, concessional rates and maturities ranging from 10 to 25 years, which make debt repayments affordable over the long term.
I support the suggestion put forward in April 2020 by economist Deputy Speaker Mikee Romero. He said that the national government can raise $10 billion from lenders and bonds investors, banking on our strong creditworthiness to fund COVID-19 response measures and programs.
It is up to the DOF to ascertain the terms, appetite, timing, finer details, and other capital market conditions for such bonds considering other countries have made moves to also issue their own bonds. DOF must also consider the country’s fiscal position over the next 10 to 20 years when the bonds and loans have to be paid. (END)