Pres. PH has no more money for financial help and food

Philippines has no more money for financial assistance for the poor, as the savings of the country are only for a drizzle and not enough for the rainy days said President Rodrigo Duterte on Sunday.

Photo credit: cnnphilippines.com

He said that the government can no longer fund food and financial assistance to those hit by the lockdowns.

I'm sorry Manila, ngayon magsabi kayo i-lockdown mo na ang Manila, ang ibang lugar, kahit Philippines, para talagang mahawa--wala ka nang mahawaan, wala ka nang mahawa,

[I'm sorry Manila, you told me now to lock down Manila, other areas and even the Philippines so no one could get infected.] Duterte said.

Problem is wala na tayong pera. I cannot give food anymore and money to people,

[The problem is we don’t have money anymore. I cannot give food anymore and money to people.] Duterte added.

In the same speech, Duterte said the Philippines should not be compared with other countries as he claimed it does not have much savings.

As the administration worked up its reliance on lending to fund the COVID-19 response and economic relief initiatives, the Department of Finance (DOF) in July said borrowings have reached P1.22 trillion in the first four months of 2020.

In June, Roque said that the Philippines has secured at least $5.758 billion in loans to support efforts against the coronavirus.

The national government's outstanding debt increased to a record of P9.054 trillion as of end-June based on the latest data available from the Bureau of the Treasury (BTr).

Last month, Duterte considered selling the Philippine assets as an option to have funds to acquire vaccines against COVID-19 once obtainable. He also mentioned this last April as it would be considered if the funds in fighting the coronavirus would be used up.

This was reinforced by Malacañang earlier this month when presidential spokesperson Harry Roque Jr. on July 3 said assets would be sold to ensure that the Philippines could pay for vaccines.

Presidential spokesperson Harry Roque Jr. has also expressed support about this possibility on July 3 in Malacañang when he mentioned about the assets of the Philippines would be sold to ensure that the country could pay for vaccines.

However, Bangko Sentral ng Pilipinas (BSP) Governor Benjamin Diokno supposed that Pres. Duterte was just only joking when he mentioned about the possibility.