There are no sanctions or punishments from any creditor if the Philippines fails or overshoots borrowing program.
This is  because the numbers a government set to borrow are flexible, the Department of Finance (DoF) assured The Daily Tribune.
“No sanctions. Those are just programs and they are flexible since there are many moving parts, particularly market conditions,” according to Undersecretary Lea de Leon.
De Leon issued the assurance to avoid worries that the Philippines might be listed as among the problematic countries like PIGS (Portugal, Ireland, Greece and Spain).
Another DoF undersecretary said these nations suffered severe economic problems because they used the money they borrowed from creditors in paying pension of their aging population, not in investments to make the money earn interests.   
These nations  exceeded their financing and borrowing programs, thus putting their deficit-to-GDP ratio at over 10 percent and debt at around 140-160 of GDP.
The undersecretary also downplayed speculations that the DoF, through the Bureau of Treasury, has also advanced its borrowing program for 2012.
“As I said, borrowing can be done in advance or in a later time of the year.
There is no limit how much a country can borrow as long as it is in the program. The objective is to maintain liquidity to finance our requirements at most cost-efficient manner,” the undersecretary explained.
The DoF has been careful in issuing statements to the media due to the memorandum issued by Finance Secretary Cesar Purisima.
Under the memo, only authorized officials can issue statements to the press.