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.

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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