Next president’s yoke: PH debt peaks at P12.6T

Interests on record debts to make life tougher for PH
Something for the next president to ponder and bear.
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The national government’s outstanding debt burden swelled to a record high P12.68 trillion as of end-March, or up by 17.7-percent from P10.77 trillion a year ago, according to the latest data released by the Bureau of the Treasury (BTr) on Thursday.
With P2.2 trillion in gross borrowings planned for 2022, of which three-fourths or P1.65 trillion will come from domestic creditors mainly through the issuance of treasury bills and bonds, the outstanding debt of the government is projected to hit a new annual record-high of P13.42 trillion by end-2022 from P11.73 trillion in 2021.

Campaign issue
This makes debt management the biggest challenge facing the incoming President to be elected in the May 9 polls as the economy needs to expand at a much faster pace amid the prolonged COVID-19 pandemic to help the government raise more revenues to meet its obligations.
The debt issue became an important topic in the campaign because the next president will inherit the problem.

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