DOF chief grilled on P3-trillion borrowing for pandemic

Finance Secretary Carlos Dominguez III faced intense questioning from lawmakers regarding the disbursement of billions of pesos in COVID-19 response funds.

Lagman highlighted the lack of clarity on how multi-billion funds, including foreign loans and grants totaling $8.83 billion as of August, are being used for pandemic measures.

Dominguez clarified that all foreign borrowings are for COVID-19 response efforts, with $5.98 billion in budget support from international organizations and an additional $2.3 billion raised through global bond offerings.