P15.35T gov’t debt and proposed 2025 P6.352-T budget

Last Thursday, the Bureau of the Treasury (BTr) announced that at the end of May,

Philippine government debt hit a new record high of P15.35 trillion!

If this is not alarming yet to Filipinos, consider this.

BTr data showed that government debt load increased by P330.39 billion in May, or by 2.2 percent from the previous month, higher by 8.4 percent, or an additional P1.193 trillion debt in May, compared to last year!

Why should this alarm Filipinos?

Because the Filipino public will be the ones to pay this huge government debt incurred without their knowledge, incurred without any information as to what these debts are, what these debts are incurred for, by whom!

To recall, the late President Benigno Aquino III left office in June 2016 with a debt

stock of P5.9 trillion, incurring only P1.4 trillion more than the P4.6 trillion pile inherited from his predecessor.

Duterte, however, during his 6-year term, added P6.8 trillion to the government's debt load. He left his successor and the Filipino people a huge P12.79 trillion debt pile!

How did Du30 incur such a huge debt, more than previous presidents before him? Where did he use his debts, for what projects? Where is the public accounting for all these Du30 government debts?

The Filipino people, the Filipino voters should demand for public transparency about this huge government debt during the Du3 administration.

This huge government debt and his proposed 2025 P6.352-T budget deserve to be included and explained during the next SONA of Marcos Jr.

It would be ideal if in the next SONA, a public accounting showing how the 2024 budget was spent by various departments and agencies will be shared with the Filipino people and why the higher 2025 budget is necessary.

The Department of Education, for example, has always received the highest budget allocation.

In the 2024 SONA, can Marcos Jr. show how the 2024 Education budget, for example, was spent?

The same accounting for other agencies and most especially, including the DPWH budget accounting, to cover the amount allotted to Congress members as well, should be presented.

Making a public accounting of previous national budget can inform and guide our people and government about where the 2025 should be properly allocated.

A public disclosure of the details of the past 2024 budget and the proposed 2025 budget is also urgent because the present government is reported to be ready to borrow again, to incur more government debts.

“The government plans to borrow P2.57 trillion this year to meet its planned expenses!”

If the government borrows more, then our government debts increase, and, we, the people, have to pay more. A substantial portion of government collected taxes and public funds will be allotted for debt servicing!

Trillions that should be used instead for urgent public and welfare services will be diverted to pay for government debts that the Filipino people have no knowledge or information about and did not reap any benefits for.

The Filipino people should also demand for reforms/abolition and non-inclusion of the PDAF (Priority Development Assistance Fund) in its recent resurgent form.

Legislators/government officials DO NOT own public funds.

In 2013, the Supreme Court noted- “The Court renders this Decision to rectify an error which has persisted in the chronicles of our history. In the final analysis, the Court must strike down the Pork Barrel System as unconstitutional in view of the inherent defects in the rules within which it operates.”

These words of PNoy are still relevant which Filipinos should never forget.

“Akala po ng iba, pera nila ang PDAF, na puwedeng gastusin kung paano nila gusto. Pero mali po ito: pera ng bayan ang pinag-uusapan dito, at sa bayan dapat—at hindi sa ilang gahaman lamang—ang pakinabang nito.”