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Filipinos: Mired In Debt; Hopelessly Out Of Work

March 17, 2010

Report:

EACH FILIPINO IS NOW P47,039 IN DEBT

WHILETHE NATIONAL BUDGET DEFICIT HAS

BALLOONED TO A RECORD P298-B

Such is the knockout-inducing blow that Gloria Macapagal Arroyo is dealing Philippine society as her scandal-ridden reign of nearly one decade ends at noon of June 30, 2010.

This double whammy seriously dampens the bright outlook Filipinos have with the elections now less than two months away.

As 2009 was ending the gap between the value of good and services Filipinos businesses and workers produced ballooned to a P298.5 billion or 3.9% of gross domestic product (GDP).
The deficit is now even expected to hit P293 billion or 3.5% of GDP this year!!!

Consider, too, that the government’s debt stock increased to P4.425 trillion as of-November 2009 on account of higher domestic borrowings during the month as tracked by the Bureau of the Treasury.

Total debt rose by P1 billion as of end-November 2009 from P4.424 trillion from the end-October 2009 level. Of the total debt, P1.972 trillion or 45 percent is owed to foreign creditors and P2.453 trillion or 55 percent is owed to domestic creditors.

So even if we hear the National Statistics Office (NSO) saying that the number of unemployed dropped by about 100,000 in the first month of the year the naked fact is some 2.8 million Filipinos are out of work.

Thanks but no thanks, Mrs. Arroyo, the economics professor.

This is our harvest from the seeds of questionable deals and fiscal irresponsibility you planted.

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