Each Pinoy owes P83,239 as gov’t debt reaches P9.05 trillion amid COVID-19 crisis

Each Pinoy owes P83,239 as gov’t debt reaches P9.05 trillion amid COVID-19 crisis

- The Bureau of Treasury revealed that the national government has a growing debt now of P9.05 trillion as of June

- This means that each Filipino now owes P83,239 should the debt needs to be settled right now

- The government has been borrowing money to sustain the COVID-19 efforts in the country

- The national government now has debts from local and external sources amid COVID-19 crisis

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It has been reported that the national government’s growing debt has reached P9.05 trillion as of June.

KAMI learned that the government has been mostly relying on debts to sustain the COVID-19 relief efforts.

Each Pinoy owes P83,239 as gov’t debt reaches P9.05 trillion amid COVID-19 crisis

Photo from Getty Images
Source: Getty Images

In a report by Inquirer (authored by Ben de Vera), given that there is a P9.05 trillion debt right now, this means that every Filipino has to contribute P83,239 if it has to be settled immediately.

An estimated 108.7 million Filipinos now carry the burden of paying the debt for the next years. The Bureau of the Treasury said that the government borrowed money from local and external sources. The outstanding domestic debt ballooned to P6.19 trillion which is 2.6% higher than last month.

As reported by GMA News Online (authored by Ted Cordero), the external debts reached P2.864 trillion which increased by 11.3% from P2.574 trillion year-on-year.

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Recently, President Rodrigo Duterte faced the nation once again as he delivered the current state of the Philippines.

In his 5th State of the Nation Address (SONA), President Rodrigo Duterte discussed many topics including the COVID-19 efforts of the government and the potential vaccine from China.

In a recent report by KAMI, there are now 85, 486 confirmed cases of COVID-19 in the Philippines. It already reached the cases in China where it was first reported.

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Source: Kami.com.ph

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