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We used to compare the Philippines, for instance, to an “oriental pearl”, coveted by colonists due to its rich resource, lush nature, and industrious people. Became a “caged dove”in time of Martial Law and fighting this we earned a title of “sick man of Asia” by early 1990 in Cory Aquino Administration. Then Fidel Ramos stepped in and re-branded the country as a “rising tiger’.
But behide this prevailing analogy would be something the true with the Philippine debt. What is national debt? In what David Primo said ‘If you think about the water in the tub as the national debt, water flowing in to the tub can be thought of as the amount of money that the government has to take out in borrowing each year because it’s spending more than it’s taking in.’ If that water keeps flowing into the tub, the tub is going to overflow. And you’ve got a mess on your hands, or in the case of the national debt, you’ve got a crisis on your hands.As of January 2019, the outstanding cumulative debt of the national government stands at P7.49 trillion. Of the amount, P4.91 trillion is domestic or local debt, while P2.58 trillion is external or foreign debt. The amount does not include P487.3 billion in guaranteed debt, or contingent liabilities handled by government if a state agency fails to pay for its debts on time. Our major creditor countries are: Japan, United States of America, Netherlands and United Kingdom.In general terms, a government’s outstanding debt consists of the unpaid balance of loans and debt securities – whether domestic or external. It is best understood as a ‘running total’ of how much the country still owe. ‘Our debt, when compared to the productive capacity of the economy, is actually becoming smaller over time,’ economist JC Punongbayan said.
What can be done to pay it off? Theoretically, paying down the debt is simply a matter of spending less and collecting more in taxes. But, us will be suffer more. It can impact you in a couple of ways. Example, If this increase in the tax will in our grocery we buy, fuels, water, electricity. As the Philippine government was compelled and staggered to abandon its citizens to chronic poverty and unprecedented misery, with the number of poor Filipinos. Our primary strategy — moving towards domestic debts, also poses some dangers. The government has initiated a war against corruption but this must be treated as a beginning and further steps should be taken to stop this and the need to do so. But nothing happened. Would this actually prod politicians, capitalists, and corporations to do something? If all hell breaks loose, they’re safely tucked in their ivory towers counting money. How can they sleep at night? Makes you want to punch them in the face. Thinking our present, our future if this continues what the next generation telling us. Why don’t you do something?
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