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'Red flags are waving furiously, but who’s taking notice? Not the Finance Department, it would seem...' ThoughtLeaders
The year 2022 ended with a bang, not from fireworks, but from an unprecedented national debt of P13.42 trillion, asby the Bureau of Treasury, or over 14% compared to the P11.73 trillion from the previous year. Already at more than 63.5% of GDP, this does not yet include debts guaranteed by the national government amounting to P399 billion as of end-2022, and contingent
Fiscal belt-tightening to pay off debts means cuts in the level and quality of essential public services such as education and health. Unchecked borrowings could be funding environmentally harmful projects that erode local livelihoods and worsen the Philippines’ high climate risk, as debt-funded fossil fuel projects have shown.
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