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Sunday, January 20, 2008

It’s still a terribly heavy burden but

P3.798-trillion govt debt now is P116B less than last year’s

WITH the national debt standing at P3.798 trillion, each Filipino man, woman and child owes the creditors of the national government at least P42,656.45.

This is despite the Philippine economy’s having prospered dramatically, according to Arroyo administration statistics, these past years—with 2007 as the best year in more than two decades for its faster-than-expected Gross Domestic Product (GDP) growth rate of 7.1 percent.  (The GDP is the total market value of all goods and services produced within the country in a year.)

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Is the philippine debt problem over?

This is what Mrs. Gloria Arroyo and her economic managers want us to believe. In a show of absolute technocratic certainty, the administration declared that it has solved the economic and fiscal woes of the country.

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Lawmakers try to ease debt burden by ending govt guarantees on GOCC loans

The Senate continues to look with alarm at its helplessness in curbing the seemingly insatiable craving for foreign debt by executive departments and government-owned and controlled corporations (GOCCs) and the dilution the Congress’ power of the purse by the automatic appropriation of debt service.

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