received from the Freedom from Debt Coalition two FDC documents.
a comprehensive brief of the philippine debt and fiscal situation, and a listing of illegitimate debt cases. both too lengthy to post here but at least i can update my figures.
at php 41.26 exchange rate, outstanding nationalgovernment debt is
US $ 89.24 BILLION or Php 3.712 TRILLION
debt service for 2008:
- php 295.75 BILLION for interest payment
- php 328.34 BILLION for principal amortization
- php 624.09 BILLION total
in contrast here’s the Department of Budget & Management’s proposed spending for
- education php 181.86 billion
- health php 22.90 billion
- agriculture & agrarian reform php 41.18 billion
- environment php 10.06 billion
- military php 61.42 billion
- total php 317.42 billion
wonder no more why gma refuses to lift taxes on oil and electricity. in her book, mas importanteng magbayad ng utang (para makautang muli) kaysa dinggin ang hinaing ng taongbayan.