The debt-addict Duterte regime is exploiting the Covid-19 pandemic to secure onerous loans under the guise of stimulating the economy and aid distribution. Within three months, the regime has secured about $5.5 billion (P275 billion) in loans from banks and imperialist financial institutions. Should the loans be implemented, the national debt is expected to reach P8.75 trillion that will be shouldered by the people. This means, every Filipino is saddled with approximately P79,945 of debt, which is 27% that recorded when Duterte first came to power.

The most recent borrowing is the $750-million (P37.5-billion) loan package co-financed by the Asian Infrastructure Investment Bank and the Asian Development Bank (ADB). The other loans were previously made under bilateral contracts with the ADB ($1.7 billion or P85 billion) and the World Bank ($700 million or P35 billion). The regime is also set to borrow money through the issuance of government bonds ($2.35 billion or P117.5 billion).