The Philippine Government total debt stock have already reached P5.381 Trillion, according to the Bureau of Treasury which climbed by P22 Billion based upon the November 2012 estimated debt.
The estimated debt of the Philippines will put each Filipino citizen owing the country’s creditors roughly P54,908.00 based upon the World Health Organization’s population estimate of the Philippines at 89 Million.
The outstading debt of the Philippines is higher by an estimated 9.1% compared to the November 2011 debt record of P4.932 Trillion. The debt is almost 3 times the national budget of the Philippine government at P2.006 Trilion.
Domestic debt rose by an annual 19.5% to P3.406 trillion as of end-November, while foreign debt fell 5.1% to P1.975 trillion.
If only we can pay our debts so that we do not have to be taxed for paying all the interest. I hope time will come that all our debts be spent on real investments.