Visiting Malaysian Prime Minister Mahathir Mohamad on Friday warned against borrowing money from other countries for projects, noting that it is better for countries like the Philippines to grow within its own means.
In an interview with GMA resident analyst Richard Heydarian, Mahathir was asked about his thoughts on dealing with foreign investments, in light of the Philippines' aggressive borrowing to undertake 75 projects that are seen to lift the economy and make the country competitive.
"We borrow huge sums of money, if you cannot pay money, you'll become under the influence or the direction of the lender... If you cannot pay your debt, you find yourself subservient to the lender," Mahathir said.
"It is better for us to grow within our means. If you have the capacity to borrow, it must be because we can repay. But when you borrow money which we cannot repay, you are endangering your own freedom," he added.