Palace: No plans to take out loans yet amid Middle East crisis

The government is not inclined to borrow funds from international lending institutions to fund its crisis response amid the conflict in the Middle East, Malacañang said on Thursday.

“Sa ngayon po ay wala pong napabanggit patungkol po diyan. Kinausap po natin at tinanong po natin ‘to mismo kay Secretary Go ng Department of Finance. Sa ngayon po ay walang balak,” Palace Press Officer Undersecretary Atty. Claire Castro said in a press briefing.

(Nothing has been mentioned about that. We personally asked Department of Finance Secretary Frederick Go. There’s no plan at this time.) 

She added that the funds for the government’s measures are sufficient. 

It may be recalled that the tension in the Middle East has sent prices of fuel products spiking.

Earlier, President Ferdinand Marcos Jr. directed the immediate distribution of P5,000 in fuel subsidy for public transport drivers affected by the oil price hike.

The government said it is also monitoring the impact of this fuel price hike on the prices of basic goods. — JMA, GMA Integrated News