National Debt

[barakz]

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it's getting worst

[noelkoi]

there is notheing we can do about this . its like waiting for the crow to turn white.

[garilaps]

if the government would look into the strict implementation of the tax law.. it wouldn't be a problem..

[barakz]

if the government would look into the strict implementation of the tax law.. it wouldn't be a problem..

this is good but we to focus also the corruption problem

[JoRed]

40 percent of the National budget is geared to debt servicing.

[tolstoi]

some of it were geared towards paying of what Marcos had looted...

[pandisal]

and paying the families of the dead soldiers killed by the NPA!

[JoRed]

some of it were geared towards paying of what Marcos had looted...

Nuclear debt: Making the creditors liable


In a speech during the recent 10th National Convention of the Integrated Bar of the Philippines (IBP), Supreme Court (SC) Associate Justice Reynato Puno urged the Arroyo administration to stop payments for loans of the late strongman Ferdinand Marcos that were used to build the Bataan Nuclear Power Plant (BNPP). According to Puno, ‘foreign creditors knew or had no reason not to know that the loans will be used for some illegitimate purpose like supporting notoriously brazen kleptocratic military regimes. These creditors need not be paid because they are parties to the crime.’



Puno’s words sum up the arguments against government policy of servicing the fraudulent loans incurred under the Martial Law regime. The BNPP represents the most onerous of these debts and thus an easy target for cancellation if government is looking for a doable and pro-people measure to ease its debt and budget problems. But unfortunately, the time and energy of Congress have been consumed by debates on oppressive revenue generating measures such as the value-added tax (VAT) while there was little discussion, if at all, on odious debts like BNPP as an alternative way to get out of its fiscal quagmire.

[JoRed]

Debt Crisis: Is There Hope Left?


As of September 2004, the Philippine’s total external debt is pegged at $55.6 billion, with the public sector accounting for 67% of the amount. Latest data from the Bureau of

Treasury show that the national government’s total debt reached P4.5 trillion as of the same period.



Yet by November 2004, barely three months after declaring a fiscal crisis, President Gloria Macapagal Arroyo announced that the crisis was over. The International Monetary Fund (IMF) and the World Bank (WB), meanwhile, are breathing down the government’s neck to legislate the eight revenue measures projected to raise some P80 billion annually.



The Filipino people hardly know where all the debts go but they bear the burden of paying these debts through higher taxes, diminishing social services and the impact of loan conditionalities on their lives and livelihood. Is there a way out of the debt quagmire?

[darkwing]

if the government would look into the strict implementation of the tax law.. it wouldn't be a problem..

mao gyud, pila ra kaha % sa business company bayad ug correct na tax hehe apil na ana inet cafes hehe