The Philippines has never defaulted on loans, says its finance chief

The Philippines' finance secretary said his country has never failed to repay its loan payments, local press reported. His comments come amid concerns over the Southeast Asian nation's ability to repay its mounting debt to China and other countries.

"Even when the Philippines was cash-strapped, it had never defaulted on any of its loans," said Dominguez. "I don't know why people are saying, 'there might be a default.' That means to say those people have no faith in their own country," Dominguez said.

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