Press Release
March 7, 2009

On RP reserves hitting $39.3 billion

"The government cannot crow about the country's foreign exchange reserves increasing by $100 million to $39.3 billion because, as the BSP itself admitted, the increase was due to multilateral loans. Why secure interest-accruing loans when you'll just park the money? Why sink us deeper into indebtedness by borrowing money for which no use redounding to the good of our people had been planned?

"Government must not borrow just because it can borrow. We have to constantly remind ourselves that the total debt of the Philippines is already so big that Filipinos who have yet to be born are already saddled with the obligation of helping to pay for it."

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