The government’s Build Build Build program calls for it to spend around P9 trillion for infrastructure projects nationwide.
Economic managers have expressed a preference for domestic borrowings and Diokno also noted that the country currently holds substantial dollar reserves.
“We … have very hefty gross international reserves, equivalent to 10 months of import requirements,” he said.
“We cannot be afraid,” the Budget chief said as he also pointed to annual overseas Filipino worker of around P30 billion and substantial outsourcing receipts.
“In fact, we will outgrow our debt because the economy will grow much faster than debt accumulation,” Diokno said.