Philippines debt hits record P6.4t

According to World Bank data, the Philippines had a debt of $66,383,249,000 in 2011 which steadily ballooned to $69,874,337,000 in 2012, $66,870,514,000 in 2013 and $77,658,912,000 in 2014.

From 2011 to 2015, the debt amortization or repayment had eaten up an average of 48.2 percent of the Aquino administration’s yearly borrowings, the FDC said. Of the P6.4 trillion outstanding debt, P4.16 trillion was borrowed by the current administration, making Mr. Aquino the biggest borrower among post-Edsa administrations over a full term, overtaking Gloria Macapagal-Arroyo, data gathered by FDC showed. - Inquirer

Since 1986, Philippine presidents have merely continued such dependence on debt and non-prioritization of the welfare of the people because of blind adherence to the prescriptions of multilateral financial institutions, Tadem said.
Tadem said Aquino is the “biggest loan addict” and Filipinos should “rise up and stage an electoral insurgency against debt and its role in perpetuating poverty and inequality.”

Source: Inquire, manilastandardtoday

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