As of the end of February 2013, each Filipino--man, woman and child--owes more than 59,000 pesos as the national debt went up to 129.2 BILLION US DOLLARS OR about 5.325 TRILLION PESOS. This is 8.4% higher than the national debt of 4.913 TRILLION PESOS registered in the same period last year. This is expected to go even higher to 140 BILLION US DOLLARS or around 5.779 TRILLION PESOS before the year ends, which is more than 40% or just a little bit less than HALF OF THE NATIONAL ANNUAL INCOME (GNP). Now, with all that increased indebtedness, why are we not seeing anything in terms of improved infrastructure? We still have no NAIA to properly welcome visitors and the improvements on the Mactan International Airport have been put on bid and re-bid, ad infinitum (and, on to eventual death?); our flood-control systems are a nightmare, our LRT and MRT remain dicey operations, Pagasa is still ill-equipped and its people horribly underpaid, we still have a huge shortage of public school classrooms (we need only 99 billion pesos annually to fill the need)...the list goes on. Absolutely nothing to see from than 421 BILLION PESO INCREASE IN OUR NATIONAL BORROWINGS in a SINGLE YEAR! Where did all the money go? And we are not even talking here of the increased revenues of Pagcor due to the opening of more casino operations and the consequent increase in the funds made available to the Office of the President.
Posted on: Mon, 26 Aug 2013 05:34:36 +0000
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