MANILA, Jan. 28 (Xinhua) -- The Philippines can manage its debt obligations to foreign countries for the government's infrastructure projects under the "Build, Build, Build" program, a senior Philippine finance official said on Monday.
Finance Assistant Secretary Antonio Lambino told Xinhua in an interview that he was confident that the Philippines can manage to repay its debt obligations to foreign sources.
"In fact, if you look at the debt to gross domestic product (GDP) ratio, it's at around 42 percent currently. By 2022 it will be down to 38 percent," Lambino said.
According to the official, Japan and China are the primary sources of funds to finance the ambitious program which strengthens the country's infrastructure.
Lambino said the official development assistance financing extended by Japan and China are soft loans which are at the lowest possible interest rates and the longest possible term arrangements.
By 2022, most of the financing for "Build, Build, Build" will have been accessed, Lambino said, adding that the Philippines' project debt to Japan will constitute around 9.5 percent of total debt, while the project debt to China will be 4.5 percent of total debt.
The "Build, Build, Build" program, which is designed to make up for the inadequacies in the country's dismal state of infrastructure, will usher in the "Golden Age of Infrastructure" in the Philippines, according to the government.
