Rep. Edgar Erice (Caloocan, 2nd District) said the Philippines may need to borrow around P260 billion due to delays in foreign-assisted projects, which are already partly funded by loans.

The government still has nearly P16 billion in funding for flood control, but the amount is earmarked solely for foreign-assisted projects with existing contracts that must be implemented in accordance with their approved loan agreements, the Department of Budget and Management said.