Philippines has 5 trillion Debt?! that's Horrible =(

lol you said 5 trillion debt is horrible? lol my country have almost $12 trillion debt check wikipedia and looking for "indonesia" http://en.wikipedia.org/wiki/List_of_countries_by_external_debt you guy will be shocked indonesia is the worst corruption country, poor planning and poor politic

Not my debt! Blame Aquino for replacing Marcos before we get to even use any sort of Power Plant. Anyways, I think I have an idea on how to solve this problem...why don't we just use the Aquino-Cojuanco's money so that we'll be saved from this? They're way too rich enough to pay that much, right?

dear LK, And that debt will keep increasing - until then :xxx

Yes I aware of that debts that even our children's children are having depbt because we are part of Philippines. So now I must do is forget it and let the administration will make a head problem.

Last time I've heard about the Bataan Nuclear Power Plant, the Department of Tourism under Aquino presidency (probably having had to face the question of what better thing to do with it)announced that they have no intentions to ever use the plant. Just the same with what as was told, that after Marcos downfall, Cory decided not to ever make anything out of it because "it will just remind the people of the bad things during the Marcos years." One may wonder why, why not build another nuclear power plant, or anything like that? Mind you, it was the only attempt ever in the Philippines to build a power plant. True, it may have its downsides, but back then in the 70s it's one of the signs of a developed country. Perhaps we could only wish the succeeding administrations after him have the ambition, or vision, to surpass the kind of infastractures that the Marcos governance had attempted to build. As of now, the administration declared officially that the plant would be turned to nothing but a tourist attraction site.. That is, according to them, to remind the people of the dangers and disadvantages of nuclear accidents, as if such accidents did really took place in the said power plant. That is such sort of fun in the Philippines.

I think you just have to live with it, you cannot change what is currently happening to you and to your country. The best thing you could do as of now is to strive hard for yourself and your family.

yes so many countries have so much debt now it is awful

Well this is one side of our economy that has a negative side of the things that are happening around in our country. But if you would be looking at many countries that were used to be the economic giants they are as bad as we are right now. China is slowing down in economy although they are not cash strapped but their economy is not doing good this past few months. Spain and Greece is financially broke and because of this there might be some kind of a recession in Europe right now. US although is on the verge of recovering is still having it hard time getting out of recession as well. Our stock market is growing for the last two months despite what has been happening outside the country. All other stock markets around the world are not doing well but ours has been rallying strong. There are over remittances of dollars coming from abroad because of OFW remittances and the growing stronger call center industry contributed to the growth. Also our inflation rate has gone down the lowest for the past year. From 3% it is now 2.9% that is the lowest since the past years we were playing 4-5% or even higher. These are economic indicators that we have to look at. If you are looking at the news you would also read that our debt actually decreased which means that our country is able to pay our foreign debt because of the strong peso we are having right now. In the past it was not 53,989 per citizen it was as high as 80,000 per citizen so we can see we are improving. But of course that is if we continue to improve on in the coming days.

Many individuals also are swimming in debt. I guess we have to live within our means.

Hay....the problem in our country is that we have leaders that are not good in managing and people got no trust to them anymore that even good leaders find it hard to execute their programs well.

Hello user , Though I am not form Philippines , debt is one problem that every seeing country faces . India also has large amounts of unpaid debts towards international banks and approximately every one of the 1200 million Indian has to pay about 1000$ in order to repay that debt amount . There is lots of corruption here too and yes , the integrity and unity among the people is lost today . In our 60 years of freedom , India has went through a good phase of development in the initial years but corruption has been a major problem . There are reports that there is so much of black money by Indian politicians in Swiss banks that it could be used to pay of all debts and still give 5000$ to each Indian . But due to bad and corrupt governance , it has not been possible to retrieve that money . And we are going to have full internet censorship in our country . So the government can see all our online activities . Oh my god I am already tied typing about this . Happy mylotting .

i blame all of this on greed and over population. if only Filipinos practiced proper birth control during the past decades then we wouldn't be overly burdened by debt. taxes only go to politicians and poor people. the people (middle class citizens) who actually pay them don't get to enjoy them.

It reflects the general perception about our dearly beloved country. Our leaders are not good in money management, much more financial management, which leads to more borrowing than paying. From the time borrowing was allowed for the Philippines, our debt has been on the rise year after year. As a country, we will never prosper when we want to borrow more than repay. We will never have independence because we will always be a slave to the lender. It is true to our country; it is true to many Filipinos. I am learning money management and I learned a lot about it which turn my finances around. I just hope and pray that those in the leadership positions will lead their followers to control money instead of money controlling them.

Such amount of debt is consoling and justified had the citizens really benefit from where the debt was used for. Aside from the taxes burdened by taxpaying citizens, the government owes it to them that at least there must have some concrete and visible proofs of these debts being used for real, that is, towards progress and sustainable economic development. The government has been borrowing money ever since then, but when did we ever really start seeing results? There may be some minor developments in the Philippines, but a lot of us think and it's just pretty obviouus, that such progress is minimal compared to what is expected from us, from our potential. We are just way too backwards, like a hundred years behind compared to our first class neighbor countries. It's sad that over the years, the amount of debt increases at such a rate while our progress, if there any really is, is just far too slow.

that is pretty high. i wonder what Canada's debt is? i think it must be pretty high too. it is too bad too because it just seems the rich get richer and the poor get poorer. i guess we need to watch the government's spending a little more closely, eh?

I think we should just give up trying to pay it and just sell our country. Isn't that already the case right now? If you noticed, I believe more than 50% of the richest and high-earning companies and businesses here are owned by foreigners or partially owned by them. I do not have proof to back up this statement but I believe it's common knowledge amongst us Filipinos. I was once hopeful about our country but as I grew up, seeing the things I saw, watching the news, experiencing the effects, and all, I gave up hope. Corruption here is not going to end. there's no way to stop it. We are being fooled right in front of our face by people we elected to serve us. Think about the Ampatuan case, no resolution until now, when the evidence are all there, corpse and witnesses. Now think about the impeachment trial, it was faster resolved than the Amputuan case. Think about all the other charges our supposedly leaders are facing, no verdict for years now. We hear the crimes in the news but nobody really pays for it, except the poor, because it directly affects our economy. What is the best solution for this? Cut corruption. Is this possible to a doable level, I don't really see how. If it is, I'd like to hear about it.

Yeah that's horrible! And worse, it is still growing!!! http://www.nscb.gov.ph/sexystats/2012/SS20120509_debt.asp

Wow that is just terrible we haven't even used the money yet and we already have over 50k worth of debt, anyway we should all put some kind of effort so that we can be productive Filipinos to at least somehow in the future help our country in whatever way.

Hello, LetranKnight25. Welcome to the debt club. America owes China everything but our lives. We have so much debt that as soon as a baby is born, they automatically owe $30,000. Now how is that for debt. Once someone is born in America, that is totally crazy!! But it is the way of the world. I am surprised to know that we dont have a world depression like we had back in 1929. The stock market crashed, and semi-rich people turned poor within a few hours. The already poor just got worse, while the rich had it hard to, deciding where they were going to eat their next steak. Well, I hope you all get out of your situation, but it is hard to see the end of it. Not too many people here in America think we will see the end of our debt. More power to the country that gets out first.

It does not surprise me but i'm somewhat alarmed. This has been an isue for a long time. It always finds its way as it adds up every year. This huge debt came from foreign and domestic sources. Domestic? Yes, it came from local banks and other onshore institutions. I believe that debt is just understated. It may be larger than what is in the government books. Anyways, Aquino administraton is making its way to slash some percentages to that amount. Hopefully, we will see that amount on a sliding trend soon. I'm still hopeful.