P3.94 Trillion Debt

[samsungster]

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As reported Philippine Govt debt at P3.94 trillion at end-August. Makabayad pakaha ta ani oi

The Philippines, Asia's largest issuer of sovereign bonds after Japan, said on Friday its total foreign and domestic debt edged up 0.3 percent to P3.94 trillion ($72.2 billion) at the end of August from the end of July.
Of the total, 47 percent was owed to foreign creditors and 53 percent to domestic lenders, the Department of Finance said in a statement.
It said domestic debt rose 1.2 percent to P2.1 trillion in August as the government redeemed debt paper it had floated.
Foreign debt fell by P14.89 billion to P1.84 trillion due to a net repayment of P23 billion.
The Philippine government, which spends about a third of its budget on interest payments, taps foreign and local debt markets to fund its budget deficit.
This year's deficit is expected to come in under P180 billion or 3.4 percent of gross domestic product, lower than the P187 billion pesos or 3.9 percent of GDP in 2004.
The government expects extra revenues of about P82 billion next year from a higher sales tax rate to cut its budget deficit to P125 billion or 2.1 percent of GDP.
The government imposed a broader value-added tax (VAT) this month, ending exemptions on fuel, power and a variety of other goods and services.
The measure allows President Gloria Arroyo to raise the VAT rate to 12 percent from 10 percent from January, although officials have said the hike may be delayed to at least February.

[JoRed]

This year, we will be paying 1.48 Billion Pesos a day, or 62 Million Pesos an hour, or 1.03 Million Pesos a minute.

[img width=433 height=283]http://www.freedomfromdebtcoalition.org/images/debt.gif[/img]

[bcasabee]

The time to stop all bickerings has long been over due. Let's work together in peace and harmony.

[Vertical Horizon]

The time to stop all bickerings has long been over due. Let's work together in peace and harmony.

[Empress_Of_Drac]

Good thing the President braved herself in pushing the E-VAT. She's the only president who made it sure that the our debts will be taken care of.

[websniper]

Good thing the President braved herself in pushing the E-VAT. She's the only president who made it sure that the our debts will be taken care of.

E-VAT is not the best solution to our current debt. The imposition of E-VAT is not a guarantee to abate current debt. Every year we suffered budget deficit this happens because we have poor and insufficient taxes collection. Even we increase E-VAT to 15% still this can't compensate to our domestic and foreign debt.

Government should focus first on revenue collections.

[estor_boot]

...if only EDDIE GIL was not disqualified...

the Philippines might be debt free by now. :mrgreen:

[fingolfin]

i dont know, maybe when the grandson of your grandson's grandson will bear a son that debt will still exist. The R.P. cant pay up that debt. One thing is sure though, that debt will continue to grow and grow...

[tolstoi]

thanks to Marcos and his Bataan Nuclear power plant project.

[overseer]

Government should focus first on revenue collections.

I agree. We don't need corrupt officials in BIR/Customs/etc taking advantage of things. If they're not removed from office, every step the government will make will be for naught.

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E-Vat is not a solution. With that big a debt, not one tax hike can easily give us the funds to pay our debt off. However, E-Vat can easily give us additional funds that can be allocated to paying off our debts.

And, with that big a debt, it would take a very long time before that will be paid. I would be utterly naive to think that I'll be able to see the rewards of these E-Vat hike... I'm not doing my part for myself though, but, hopefully, for my grandson's grandson's son.