Japan loans still bigger than China debt — DOF
Loans from China are still miniscule compared to overall debt.
Finance Secretary Carlos Dominguez III said the Philippines will definitely not drown in debts even as they borrow billions from China.
To shut down critics, Dominguez turned to numbers for a solid response.
“By 2022, when most of the financing for ‘Build, Build, Build’ should have been accessed, the Philippines’ project debt to China will constitute around 4.5 percent of the total debt,” the Cabinet official said in a statement.
This is barely half the loan exposure from Japan, which will account to 9.5 percent of total debts by 2022.
Dominguez said this is a “prudent” share which should not alarm anyone.