Manila, March 31 -- Finance Secretary Carlos Dominguez III on Sunday reassured the public that the Philippines will not fall into a "debt trap" to any other country as the government expands its infrastructure investments through concessional loan financing from its development partners.
Dominguez, in a statement, reiterated that in conformity with the Constitution and our laws, none of the pipeline projects funded with official development assistance (ODA) from countries like Japan and China allow for the appropriation or takeover of domestic assets in the event of a failure to pay, will never happen.
The government's borrowing program, Dominguez noted, remains "very conservative in the sense that we only borrow to invest in projects tha...