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https://news.abs-cbn.com/business/2024/10/2/philippines-p15-55-trillion-debt-on-the-bad-side-says-former-finance-chief-1108
"Mas on the bad side yan, parang sumusobra ang gastos mo kumpara sa income (That's more on the bad side because our expenses exceed our income)," Teves said in an interview.
Teves, who served as Finance chief during the administration of former President Gloria Macapagal-Arroyo said a high debt load means that the country needs to divert funds to pay its obligations--funds that could have been used instead for more productive purposes. When the government borrows money from banks, this also means that there is less money to lend to the private sector, he added.
Economic managers need to ensure that the debt level does not exceed "international prudence standards" according to Teves.
"Mas on the bad side yan, parang sumusobra ang gastos mo kumpara sa income (That's more on the bad side because our expenses exceed our income)," Teves said in an interview.
Teves, who served as Finance chief during the administration of former President Gloria Macapagal-Arroyo said a high debt load means that the country needs to divert funds to pay its obligations--funds that could have been used instead for more productive purposes. When the government borrows money from banks, this also means that there is less money to lend to the private sector, he added.
Economic managers need to ensure that the debt level does not exceed "international prudence standards" according to Teves.