Debt Crisis
The surge of debt in the Philippines ✏️ Glenn Junsay Pansensoy · 📁 National Affairs · ⏱️ 4 min read Editorial: Inherited Ruin and the Looming Threat of Continuity Editorial: Inherited Ruin and the Looming Threat of Continuity Philippine debt crisis, corruption legacy, and the 2028 election warning The presidency of Rodrigo Duterte ended in 2022, but its grim financial and ethical footprint endures, shackling the Filipino people to decades of repayment. From 2016 to 2022, national debt exploded by ₱6.84 trillion , with foreign liabilities reaching ₱4.3 trillion —equivalent to over 60% of GDP by year's end. These loans, pitched as vital for "Build, Build, Build" infrastructure and COVID-19 relief, were instead riddled with systemic plunder. Key Corruption Scandals Exposed Pharmally Scandal: ₱11.27 billion funneled to a shell company for overpri...