The Philippines is taking advantage of current situation in the capital markets to borrow as much as it can for development, Finance Secretary Carlos Dominguez III said Wednesday night.

"You know our income per capita is rising. So while we are still here, I think it is better for us to take advantage of the long tenors in the relatively low interest rates because after few years we will no longer be qualified for that," Dominguez said in a press briefing in Pasay City after a high-level infrastructure committee meeting between the Philippines and Japan.

He said the Philippines will soon be considered as a "middle income country" and will not be qualified for Official Development Assistance (ODA) from some countries.

"The Philippines is already in the verge of graduating to the level where we are not qualified for ODA for some countries," Dominguez said.

"We will be considered a middle income country and therefore we will have to pay higher interest rate. So it makes sense for us to have these projects funded now rather than later," he added.

Dominguez also said different countries are now paying attention to the country due to President Rodrigo Duterte's change in his foreign policy.

"He has very wisely refocused the attention of the Philippines and is relying on being part of this area (Southeast Asia region), which is the fastest growing area in the world," he explained.

Dominguez said because of this refocusing, the country is "reaping the advantages".

"Remember the advantages are really for the ordinary Filipino people. Providing them opportunities on trade, providing them markets for their goods, providing free and unhampered trade among our neighbors and of course receiving ODA from them which we are extremely grateful," he said. Ella Dionisio/DMS