The country's ‘til debt do us part: ₱14.6 trillion

The BBM administration sees the national debt ballooning to an unprecedented ₱14.6 trillion. This administration alone, in less than 18 months, borrowed a whooping ₱1.82 trillion. As of the end of 2023, the government borrowings have already hit ₱14.62 trillion. This figure is 8.92% higher than that as of the end of 2022.

BBM's first 12 months in office increased the national debt by no less than ₱1.2 trillion. Official data from the National Treasury indicate that the national government ended 2023 with an outstanding debt of ₱14.616 debt. This does not include the alarming amount of ₱612.2 billion debt accumulated during BBM's first six months in office. This administration will be definitely unable to pay for all these within BBM's term, and the future generations will be burdened again to pay for these gargantuan debts. These humongous loans will be surely exacerbated by the rising interest rates on a global scale. On top of this fast increasing national debt is the slower growth rate of the gross domestic product by only 5.6%, which is lower than the target.

Of the total debt stock in 2023, it has been reported that 68.5% was from domestic borrowing while 31.5% was from foreign loans. Government data indicates that the current debt to GDP ratio is now 60.2%. This is a measure that compares the overall debt to the size of the economy. According to government records, the end of 2023 level fell below the 61.2% target outlined in the country's medium-term fiscal framework. The 2023 ended with domestic debt increasing by 9%, hitting a total of ₱10.17 trillion. This was higher than the end of 2022, which was ₱9.208 trillion.

On the other hand, foreign borrowing rose substantially from a mere ₱4.210 billion in December 2022 to an alarming ₱4.598 trillion in December 2023. The offshore debt level also grew by 2.5% compared to the previous month's ₱4.484 trillion. This was driven by the government's total debt availment in an unprecedented amount of ₱88.24 billion in foreign debt. The government sold $1 billion from the maiden issuance of Islamic bonds and also by the disbursement of loans from the Asian Development Bank.

With this precarious financial standing, the nation is facing a bleak future. Taxes are expected to be raised again. Bank interest rates are regularly increased by the Bangko Sentral ng Pilipinas. The global prices of gas and oil are expected to hit an all-time high, with the escalation of hostilities in the Middle East. There are a number of expected strong hurricanes, massive flooding, earthquakes, and droughts, all consequences of the worsening global climate change.

The current bickering between the allies of this government and the group of Duterte, the word war by major political players, the increasing tensions in the West Philippine Sea, and unabated corruption, crime, and drugs --all these and many more will bring so much pain and sorrow to the whole nation. The huge national debt may cause major breakups among the bonds that unite the nation. The future is bleak and gloomy. BBM's more than 18 foreign trips that spent huge amounts of money have not brought to our economy the much-heralded foreign investments.

The nation is poised to face many crises, and the trapos are making all these problems more complicated and far-reaching. No charter change can solve the worsening poverty of millions of suffering Filipinos. The future indeed is gloomy and alarming. We should work hard, save money, and brace ourselves for turmoil. This nation will regret it again.

"We should work hard, save money, and brace ourselves for turmoil. This nation will regret it again."