On the ballooning Philippine outstanding debt
June 6, 2021Philippine debt has ballooned to P10.991 trillion as of end-April 2021, a 2% increase compared to the P10.774 trillion level in end-March. With the Philippine Statistics Authority’s recently released data that the inflation rate still has not eased at 4.5%, we cannot help but wonder who else will have to shoulder the gargantuan amount of these loans if not the already suffering Filipino taxpayers?
We ask that the government be judicious and prioritize COVID-19 response instead of unnecessary infrastructure projects. It should refrain from indiscriminate borrowing, especially during this crisis. We also call for transparency and accountability in terms of handling of public funds. Filipinos have a right to know where these loans are coming from, their terms, and where the money from these loans will be allocated.