Monday, October 29, 2018

PNoy is the “biggest loan addict” among PH presidents says Federal Debt Coalition



Former president Noynoy Aquino, photo from cnnphilippines.com
The Civic group Freedom From Debt Coalition reported in 2016 that former president Noynoy Aquino not only failed to curb the country’s national debt but in fact added to its woes by borrowing more money.

The FDC

Freedom from Debt Coalition is a non sectarian organization that addresses the economy and the country’s economic development. Their advocacy is to promote awareness and critical understanding of the country’s economic issues.

Biggest Loan Addict

According to the FDC, Noynoy Aquino even eclipsed former president Macapagal-Arroyo for being the biggest borrower among all presidents from 1986. He incurred a total of 4.6 Trillion pesos debt ( $87.39 billion) during his term. The Duterte administration was left with a total 6.4Trillion debt ($134.46 billion) when he assumed office.
Former president Noynoy Aquino, photo from Rappler
"This unresolved debt problem has resulted in the government’s failure to meet its obligations to the people, or social debt as a percentage of the country’s gross domestic product (GDP)," FDC president Ed Tadem said.

Social Debt

Because of the huge amount of debts that our country has, most of the revenues from taxes that the government has collected have been used to pay the interests of this debts. In fact 27.21% of government revenues are intended for the payment of debt interests.

As a result, the government fails to give the necessary social services intended for the people, such as priority government spending for the people’s needs and welfare, climate justice, and housing and essential public services.

PNoy’s DOF Team denied

But according to the Department of Finance during PNoy’s term, none of the data provided by the FDC are factual. The government agency said that contrary to what FDC claims, the country’s debt position now is way better than it was in the past.

The people are clueless on which side to believe in? You decide.

Source: Rappler