Filipinos further debt-ridden amid Marcos admin’s $2 billion borrowing

debt-to-GDP ratio is somewhere around mid-60% already, above the threshold of 60%,” Ofreneo said in an interview with ABS-CBN’s Teleradyo.Ang isyu, kung mangungutang ka, dapat kaya mong bayaran, at kaya mong lagpasan ang growth target mo para mabayaran ang utangMeanwhile, the Bureau of Treasury on Thursday said that the administration’s latest debt will be used for “general purposes, including budgetary support.

“The proceeds from the 25-year Global Bonds will be applied to finance or refinance assets under the Republic’s Sustainable Finance Framework,” National Treasurer Rosalia de Leon said.$500 million 5 years at 5.17%“Despite the ongoing weakness in global credit markets amid high inflation and rising US interest rates, the Republic was able to navigate volatile market conditions and successfully price the Global Bonds,” the National Treasurer said.

Earlier, economic think tank IBON foundation said that the debt per Filipino has already amounted to P112,678 if the national debt is divided among 26.3 million families. In a presentation in July, IBON executive director Sonny Africa said that ordinary Filipinos suffer “disproportionate burden of repaying debt” due to the Duterte administration’s Tax Reform for Acceleration and Inclusion and Corporate Recovery and Tax Incentives for Enterprises which transfer the tax burden from large corporations to the poor and middle class Filipinos.Pola Rubio is a news writer and photojournalist covering Philippine politics and events.

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