At a recent virtual “kumustahan”, presidential candidate Senator Panfilo Lacson spoke about how the nation’s local and foreign loans are projected to reach P13.42 trillion by the end of President Rodrigo Duterte’s term, leaving even newborn Filipinos indebted by a minimum of P120,000.
With data from the Bureau of Treasury, the presidential aspirant remarked to his supporters in Pampanga that babies would be born into such an absurd debt, as a 2,4% increase was observed from August to September, at P11.64 trillion to P11.92 trillion.
Lacson also highlighted how the country’s debt had ballooned under the Duterte Administration, with a 44% increase over the course of his six-year term.
From P5.9 trillion in 2016, the national debt is expected to soar to the Bureau of Treasury’s projection of P13.42 trillion by the end of June next year, once Duterte vacates the presidency.
The senator did also mention that government loans increased drastically due to the Covid19 pandemic.
“We do not know when the pandemic will end. Second, because of the pandemic, our national debt has ballooned,” Lacson stated.
Furthermore, the former Philippine National Police (PNP) chief turned solon, said that a crippling national debt would be tackled alongside other pertinent issues such as sovereignty in the West Philippine Sea, and pandemic recovery.
Bringing the conversation back to his platform, Lacson expressed his support for empowering local government units (LGUs) in order for them to meet the needs of their people, and better implement development programs.
Under the banner of his Budget Reform Advocacy for Village Empowerment proposal, the lawmaker explained that only the local leaders would know what exactly each LGU needs, thus they should receive more backing from the national level.
Photo: FB/panfilo lacson