PH outstanding debt climbs to P11.61 Trillion

PH outstanding debt climbs to P11.61 Trillion

Infographic courtesy by ABS-CBN News on Twitter

STRAIGHT PUNCH

JUNEX DORONIO

TWO MONTHS AGO, in a survey conducted by the Social Weather Stations (SWS) it was gathered that only 17 percent of Filipino families felt they were not poor compared to 46 percent who said that they felt poor.

The survey — conducted from April 28 to May 2 — found out that around 12.4 million Filipinos across the country — described themselves as poor.

But are they really impoverished and the Philippines poor?

Unlike Japan whose assets are only its people and water, the Philippines is indeed rich in natural resources.

Oh well, just a click on Wikipedia, says that “the country is rich in gold, copper, chromite, silver, nickel, cobalt, and other minerals. Coal and limestone are also abundant.

According to advertisements placed in The Financial Times in 1989: ‘The Philippines is more densely mineralized than Australia, the tonnages are larger and the terrain is largely unexplored.'”

Not to mention the inherent beauty and talents of the Maharlika (noble warrior) race.

This could be the reason why every administration seems not to care even if it keeps on borrowing from foreign lenders, the bulk of which may only fatten the pockets of the greedy and gluttonous powers-that-be.

News reports on Wednesday, September 1, cited the Philippines’ debt climbed further hitting P11.61 trillion at the end of July, according to the Bureau of Treasury (BTr).

Quoting the BTr, the same reports said the country’s total debt in July increased by P444.43 billion or 4 percent from June due to the peso’s depreciation and as the national government borrowed more money from both foreign and local lenders.

“From the start of 2021, total outstanding debt has grown by P1.82 trillion or 18.53 percent,” the BTr noted.

Total debt also increased by P2.44 trillion or 26.7 percent from July last year.

But despite the seemingly gloomy situation, the Philippines — the reputed Pearl of the Orient — is indeed a wealthy country.

It can pay off all our trillions of debt in our lifetime if we make use of our natural resources and under a bold and righteous leadership. (ai/mtvn)

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