Economics 111

Goverment debt climbs to P4.741T

Article Source: http://www.philstar.com/Article.aspx?articleId=675994&publicationSubCategoryId=66
by IRIS C. GONZALES
dated: Thursday, April 14, 2011

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The Article is about the continuing increase of the Philippine Goverment debt and it reaches around P4.741 Trillion.Debt of the Government is just one of the the many and different problems that the Philippine Republic faced today. This debt was first started by our late Presidents, like Carlos Garcia and Diosdado Macapagal, Ferdinand Marcos the one who make the Philippine debt more humongous, Cory Aquino in which to use it as the recovery budget for the new Philippine Republic, and continued by their successors unto the present which is now Benigno Aquino III. These different debts were borrowed from the different Banks and Countries like International Monetary Fund, World Bank, America, United Kingdom and others.

I am not surprised by these kind of news that shown in day-to-day broadcasts. Our Island is just one of the developing countries that holds debt in their own government. There are many country like the developing ones and also the so called Tiger Countries. As one develops and prosper at the same time, they spend more than the estimated budget so that they can implement their projects and run their government.If I may, as to compare my country debts to others, the government has this small fraction of debt than other countries in the world. There are reasons for this problem, its either Lack of Budget or too much spending. And let us not forget the CORRUPTION, because the budget is the first target of the corrupting officials. So much for a problem that being centralized by media.

For me, their solution for now is to plan the perfect estimation and to centralize the manage of the Philippine Budget, to secure the flow of the money in which entrusted to the government by the owners which is the Taxpayers(common people). Use it for the projects and other implementations of the government. The government must see or watch how the budget is use, from the Executive, Legislative, Judiciary, Departments, Commissions, Bureau, Provincial and Local Government, and other branch of the Republic. The Department or Commission that hold this task must be Loyal and responsible to the people, whatever happens. So that Corruption is minimized and be vanished. These kind of strategies that was used long time ago but didn't gave a simple attention by the officials. With these Strategies or Plans, the Government slows or minimized the increasing debt of the Philippine Republic in every year, and possibly pays the debt.