Can the Philippines Pay its P15-Trillion Debt?
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- Опубликовано: 11 июн 2024
- The Philippines national debr has reached 15 trillion pesos!
Narrated by Tom McKay
Video Edited by iyanbriandi
Inquiries: behindasian@gmail.com
Brought to you by the Behind Asian Team.
Are you afraid the Philippines national debt? Let us know down below!
yes and very worried too if this cannot be handled well it will ended out of control like the inflation
Kinda but there is no need to pay it (except for intenrationtal debt) . Well unless debts grow like to 200% of gdp tomorrow. Our debt is still not that big.
Indoenshiyans : Trade With 🇨🇳, Free Palestine, URra Russia, Stop Using 💵
Also Indoenshiyans: Guys please, Move To BALI 🌏🤯
14,000,000,000,000.00 Philippine Pesos =
238,726,165,222.40 US Dollars
1 PHP = 0.0170519 USD
1 USD = 58.6446 PHP
Doesn't seem that bad?
no, collections of tax now gone high far exceeding the target..so, it"s not an issue..
Jesus christ , a lot of people in the comment section didn't watch the whole video
I've been saying this for a long time. National debt does not work the same way as personal or even corporate debt. People are politicizing things they don't understand.
Oh really.. Why don't you explain it..
@@kazegarasu4704 Watch the video again. National debt should be used to build a better nation. Corporate debt is typically used only in the interest of a corporation. And personal debt is used to buy Mang Inasal when your salary runs out before the end of the month. We must dig deeper than just the amount, and look at individual loan transactions and how it is being used.
Central banks control interest rates and to an extent influence inflation. This is power no corporation or individual has. This adds dimension to simply lending a friend P20 because they can adjust how much P20 is worth.
Since the Philippines is a member of the world bank, the Philippines most likely lends money to other countries as well. As we grow and become more technologically more advanced, we may become a major lender in the future. We are indebted to them, they are indebted to us. It's a circle of life.
...
Here's a cool thing any citizen can take advantage of. You can lend the government money through treasury bills and the government pays you back with interest. Imagine that. The government PAYS YOU, kind of like a reverse tax. That's money that goes back to the economy. If you are not (legally) reducing your taxes and making the government pay you, you are missing out!
@@kazegarasu4704As long as you can print money, debt will always be paid, and as long as you can outgrow your debt, you will always be in a good place. When you overprint money though, it is paid with inflation.
And who is paying off the interest? The people
Even us and china has debt. There’s no going around it if the Philippines wants to compete with other emerging economies sadly.
60% ratio gdp is one of the lowest in the world..italy has 160% japan has 200%…malaysia has more debt to gdp ratio..
All bankrupt deceiving countries
Malaysia 63%
Indonesia have better debt to GDP ratio than Philippines at 39% while having GDP Percapita at around 5000 US$ compared to Philippines 60% debt to GDP ratio with 3.500 US$ GDP Per capita.
Indonesia 39% ratio gdp.
How can u compared Malaysia Vs PH ?? Since Malaysia have multi income and tech chain but Philippines is one of the poorest in South Asian.
Its good to hear the foreign debt is fully covered.
Bullshit yan lalaomg naghirap paano nangari
short summary with a bit of interpretation for those Title based reactions who did not watch the full video.
total debt = 14T php = 10T php domestic + 4T foreign.
Domestic Debt - This is more dependent on Monetary policy than Fiscal policy. Central bank is the biggest factor here and the PH has always been blessed with the best Central bankers in the world.
Foreign Debt - Inflation is scary, hyper inflation is terrifying. Fortunately, the PH is in the top 1 or 2 in ASEAN when it comes to the total reserve in months of imports(8-9months). That means what's currently happening to Sri Lanka/Pakistan/Venezuela is highly unlikely to happen in the PH since our Balance of Payments(along with our reserve) has been positive. When talking about current inflation don't forget to talk about current US fiscal/monetary policies as well.
It doesn't matter how much you hate the current elected officials, It takes an absolute idiot to mess up this economy. Look at the numbers then look deeper. The reality is our growth is steady and organic. The sad part is, we cant feel it because we keep focusing on the wrong data.
Di kayang intindihin ng mga pinoy yan, gang isang sentence, consist of two to for words, lang ang kaya ng utak ng pinoy, at bibigyan na ng napakahabang opinion at haka haka tulad nang nababasa mo rito. Kaya nauso ang marites, dun magaling ang pinoy..mas matalino ang dila ng pinoy kesa laman ng ulo
Also, if you want a truly educated take listen to why our external debt is very manageable considering our growth trajectory from the central bank head himself. He has tons of interviews on RUclips.
the Philippines can manage this and no problem. we have lots of people to solve this problem. PTL. most other countries has much more than the Philippines. ❤❤❤ty and God bless the Philippines.
Most of the comments here seems to be singing to the choir, and the rest will never get the point of the video. It needs to be dumbed-down to the their level with no financial jargons and academic banking principles.
Who cares about all this rubbish just pay up usd14 trillion
Subbed. Awesome explanation. Great on breaking down debts and other factors within.
All countries has debt,even the rich one it defends how government manage it.
It "depends" on how you "defend" it.
Do you know america is also in huge debt @@yootoober2009
That's what worries me. 😢😢😢
That debt is only 60% of GDP of the Philippines, that's manageable
The last time we had 60% in our debt to gdp ration, major fiscal policies were implemented by the Arroyo administration.
Only😂
@@ViscountAsmodeus
yes, but much of that debt back then was foreign.
It's different now.
@@Pejuangilmuislam i mean the us has 136.6% of their gdp's debt. so imagine that.
This is educational, good job
Philippine can manage it. Actually if we are basing on the debt to gdp ratio, nothing to worry, philippines is way stable than any countries
Debt is good in a free market economy. Its similar to how business is run, you don't run business with your own money, you finance it throught debt.
I just hope people should start voting outside of familiar names of the elites.
No. Credit spurs progress. It can be self liquidating. Used for its purpose it could be paid easily.
What people misunderstood here in this video context is that local debt although debt, acts like a saving fund to debtors. It's a debt in name but functions more like an investment. So the debt which is 4 trillion is the one we have to worry about. You necessarily don't have to print the cash unless the entire economy comes crashing down
The dude was explaining stuff, why is the comments section so contrarian to actual content.
Did this people even watch or understand the same video
Because people just react, not knowing the full context
No it's on purpose to post this video.. para pag usapan.. ang title ng video nakaka triggered sa ibang pilipino.. sinadya itong i post para atakihin ng mga troll..me hindi nga natin alam Kong anu pakay ng mga gumagawa ng ganyan content.. first of all pilipino ba mga yan.?
cuz when people Mention debt People assume Its Bad immedietly, When in its not really much of a problem, They just dont understand How debt actually works
They just read the title and that's it.
Because some Filipinos are SLOW in BRAIN and mostly those that are busy in RUclips are those are not busy in LIFE... you know, no work..
the philippines should offer more lower denominated treasury bills to its citizens as high yield tax-free bonds so that the population can enjoy a high return on its deposits while insulating itself from external financial shocks. also, the philippine government should mandate the central bank to increase its balance sheet equity with 50% of any profits that it enjoys annually. this method alone will expand its balance sheet from the infusion of retained earnings such that its asset base will be increased as a defense to any external shocks. furthermore, the philippines should join brics nations to insulate itself from the economic hegemony of the us banking system and make itself more independent from the influence of the federal reserve and us economic planning.
We use it to make the project made into life while not touching the hard earned cash of the people.
and make benefit with it in a long run.
Damn belt and road projects turned into an heavy ball and chain to Phillipines
Now you know that politics only hype our debt bec.we mostly borrow locally not like other country.
We have the competent banker in BP.
BSP
@@yootoober2009 BSP right sorry my phone auto correct sometimes I did not notice.
Tnx sa correction.
Read the term Multi Year Obligational Authority. In simple explanation, debts are with terms & payments are in installment yearly, & the PH can easily pay thru revenues collected until fully paid & wiped out from the debt service. P15T, thats still cheap, for next year might decrease as some debts are about to be wiped out.
Wow but we do have people who are getting richer every year. Some have million of dollars stashed in foreign banks without having any privately owned business or stock investments. I wonder how do they earn that amount of crazy money? At the end, Filipinos will inherit that debt while some will leave the country enjoying their bounty. #BUWAYA
Marcos laughing to philipino’s faces left the chat.
Fyi, Marcos already paid a big amount to our debt which Duterte left after his administration. Duterte borrowed alot of money during his administration. Thanks to Pbbm who paid our debt
@@BisayangdakoVlogz
that "borrowed" money is mostly local (if you even cared to watch the video, you'd see how that isn't even an issue) and that debt was easily payable that even the Libtarddzzz wouldn't have an issue paying.
STUPID
Don't you know that during Aquino the total debt was just 5T?
Duterte made it 13T.
Now during Marcos it is 14T+
Duterte increased the PH's debt to the sky.
bubo mo😅
Printing money to pay local debt. Sounds easy huh!!! If the govt keeps on printing money. .its value will decrease. Prices will go up. But they cant just increase the salary because it will push up the inflation more! Imagine the impact to the purchasing power and to common filipinos.
Php to USD is now at 58 pesos. Compared to just 42-45 during the time Former Pres Pnoy. Prices of commodities has doubled if not tripled. Guest how much the minimum pay increase? Its less than 10%.
If you're implying that Aquino was better because of the lower exchange rate for the PHP, then hate to break it to you but that's not because of Aquino but because barely anything happened during his time, the US economy was in a downturn especially during the late years of Bush and the time of Obama, we didn't have any oil crisis & OPEC+ weren't controlled by idioootzz back then, no Pandemic happened and no major war like the current Russo-Ukrainian War happened where the "War on Terror" ironically stabilized the world's economy.
If you'd care to listen to the video or did any actual research, you'd know the reason why the PHP devalued isn't because our economy isn't doing well (in fact, it's actually doing quite good overall and is stabilized) but because the US economy is in a weird place where the vast printing of the USD has caused massive inflation worldwide.
It didn't help that the pandemic & the current Russo-Ukrainian War happened which basically fckkkdd everything up and caused the current fuel crisis especially with the West banning Russian oil.
There is nothing really wrong with the PHP exchange rate.
Just compare it with the other currencies and you'd realize that it isn't as bad as you might think.
It’s exactly the same in all countries. It’s all coordinated
@@antpoo there are certain control in place in printing money. Countries just dont print money as they please.
@@macolet9711 The USD is the reserve currency, every other currency is a derivative, So the US has been printjng to pay back its 10 year bonds among others, Over 8 trillion with more to come.
This pays back the principle to China and other countries, and causes high inflation in the US, but is lessened by the fact that the Chinese liquidation of the US bonds raises the price of the USD.
Every other country to the best of their ability has printed exactly the same amount relative to their gdp and population size. 3 examples. Australia, Philippines and I donesia all doubled their gdp since COVID.
Was it a production increase? 😂😂😂
Pure inflation. That is why our currencies are all similar to pre COVID and holding steady. All the central banks are printing in a coordinated Syed manner to reduce the foreign debts and keep the system ticking.
Ps, developing countries benefit from the inflation more than western countries.
@@macolet9711 ps, Printing money is government spending money they do not take in from taxes. They just simply spend recklessly and the economy suffers the inflation, This is not physical money printing, but deficit spending of credit/debt.
Money printing comes in a variety of forms, but in a nutshell it is creation of credit/money above the rate of production.
It's all about ratios.
Yes, because lendors audit the paying capabilities before borrowing of money took place.
Repaying money is not the purpose of the lender. When you can't repay your debt, they want to take away your assets cheaply.
@@SdoZachary1 It's not gonna happen, constitution got safeguards with it.
except borrowers always lie in their loan application.
@@yootoober2009 Fraud analyst cannot be fooled.
I find this informative
To say that domestic debt doesn't matter is stupid lmao. Just compare it with the saving ratio of personal phillippos. If inflation rise it will burn the little savings the common people have.
Debt to GDP ration is 60%. I would say, EASILY.
No worries! 10 Filipino Generations will be paying for them! So the PH Government will keep loaning!
uhoh someone didnt watch the video lol
There is no need to pay debts lol. Its just an imaginary number western fiscal conservatives created.
And 10 generations will use that debt as infrastructure, tax breaks and other socialized benefits.
@@Josh-jh6no lol
Someone who doesn’t understand macroeconomics
wow!
Yes, if we don't have corrupt politicians
Politicians loan bonds and poor people is accountable of paying their loans through taxes.
If theres a will..theres a way...the X factor!
Like the USA, they never intended to return it anyway.
I mean other countries can try to get back their money from the US but I doubt they could.
I doubt , because our government traditionally lend money at world bank so I think we don't pay it all and I very sad because our government continuously lend money as the only solution for our nations solution to many domestic problems
Why should i? Of course not! Im rather be afraid of the climate change. Floods, heatwave etc etc.
Yes, we can pay that no worries.
If we go to BRICS we can pay it little by little
Its fine.. .. FILIPINOS CAN HANDLE THAT...JUST WAIT.😂😊
BSP NATIONAL DEBT 10% TITHS 9-1 PHILSA FOUNDATION. San Jonathan
napakatagal ng problema ng budget deficit di pa din masolutionan kaya utang ng utang.
well i just hope they fix the inflation too bec is going higher
We don't cause inflation. Inflation is caused by things we import we import to survive - like oil and gas, machinery we use that we don't manufacture and medicine etc.
Nanood ka ba?
As long as we have OFW, we still have tonnes of US dollar reserves.
the real question is who is the owner of those money that every country is indebted to
Well. the Philippines needs to start drilling the oil in WPS and mainland gas and other natural resources. The Oil itself worth $26 trillion already. Bigger volume than Saudi Arabia and that can help also paid off everything and could make all citizen out from poverty.
That's easier said than done.
Off-shore oil mining is one of the most difficult, most complex and most dangerous form of oil extraction.
It's not something we can do in just a whim.
Yes philippine can pay slowly
10 trillion debth is money cirulating our economy foriegn debt which is 4 trillion that is out of our economy
Kaya po bayaran yan yun west philippine seas kailangan matayuan ng oil gas plant
At last someone talked about this. Our central.bank won't stop printing money
So,? they do get worn out and become unserviceable.
@@yootoober2009 BSP just prints too much. For reference, in the past 10 years PH central bank increased our money supply by 244%. It's too much compared to other countries which only hand an increase of 60% to 140%.
How can the population of 115 million of Philippines pay the 15 Trillion Peso debt? That is 800+ Billion US$?
255.5B US dollars debt, cover 1/3 of the Filipino economy
where did you get that info?show proof dont just to much talk with out basis just her say
It's peso only not dollar.. that is very low compare to other country's with loan...
Marcos gold should be able to handle it if Marcos Jr. Will find a way to use it
Yes ilabas ang tallano gold 😂
donot you worry coz you will not pay it!😃🇵🇭🇵🇭🇵🇭🇵🇭
Debt = money.
Grabe tlga bsp kundi dahil sa kanila matagal na tayong nasa crisis
Small amount it's a chicken feed
Php 15 trillion pesos is only 17 billion dollars @ 55 to 1 exchange rate... that sounds reasonable. The OFW cash remittances to the country alone in 2023 was $33 billion dollars and GDP was $404 billion - third behind Thailand and Vietnam.
The Philippines Government debt accounted for 60.2 % of the country's Nominal GDP in Mar 2024, compared with the ratio of 60.1 % in the previous quarter. Philippines government debt to GDP ratio data is updated quarterly, available from Mar 1993 to Mar 2024.
The Philippines BPO industry contributes nearly $30 billion to the economy each year. It is estimated that 1.3 million Filipinos were employed in over 1000 BPO companies in 2019, and that figure is showing 8-10% growth every year. It is estimated that the country holds 10-15% of the global BPO market.
Sounds like the country needs to invest more, or give each worker and retirees $ 1,000 dollars (Php 55,000) a month UBI for as long long as it's affordable.
Or, Php 15 trillion peso debt should be $15 trillion dollars - then we are in deep trouble, the US has a $33.17 Trillion national debt, Japan $9.2 Trillion and China $2.38 Trillion. If true, we should sell the Phillipines and just rent it from whoever buys it.
Or, my 10th grade math is really wayyyyyyyy off.
Or, the authors of the video need to "dumb it down" to the level of Filipinos who only understand the ins and outs of borrowing money from local banks and loan sharks, which is the majority of Filipinos.
$17 billion debt requires interest payments. That alone sucks up a lot of taxpayer revenue.
Yes, @55 to 1 it's $270 billion. @59 to 1, which is nearer to the current exchange rate, it's $250 billion. Your math is really way off.
Debt + Inflation = Duterte legacy!
no issue coz USA and japan has more debt 😂
If you asked the financial history of the Philippine,
One of the best in Asia = Marcos
One of the worst in Asia = Cory kong
Duterte Legacy
@@brianchestergamilla5340 build build build is the best.
Blame pa more to Duterte! Who is sitting and borrowing. Duterte borrowed because of covid. Duterte legacy is very tangible. Manila bay, boracay, Tulay and ports. Polvoron kc kaya galit.
Pharmally and tong
Ats of Dutaes
10USD/day minimum wage. Congratulations! Citizens go abroad to get job.
$13 trillion is an internal debt only $2 trillion comes from foreign
It's normal .... Tell me what country no debet? It just money make go ground...
if this goes on it will ended out of control The WHOLE FILIPINOS WILL SUFFER FOR IT
At the end of 2028 the debt of philippines will be at the worst ever because of one family only😅😅😅😅poor
@@carlotristandumelod2223 are you 10years old?
@@yootoober2009 are you bangag?nakadrugs ka nanaman ba?magbago na po kayo alang alang sa bansa natin
aint gon lie bro ur brain might be smoother than a cold jello
Nakita nyo na katulad nito,SLOW sila sa understanding
Yes, these loans can be paid back. China's local and foreign debt is far more worse.
Filipinos Supply money to the banks. Banks loans money to national govt. National govt spends money for development. Development creates more income. More income means high spending and increase govt income. National government high income pays the loans. 😅
What the heck is pesos hence the report is in english????
I am a filipino and i don't give a damn about Philippine debt.it is not my problem at all. it's is government problem.
the BSP hires ghost employees and sign the debt to those employees. DOMESTIC DEBT = SOLVED
It's duterte admin makes the Philippine Dept higher...
True
Philippines is a amazing country, fully order by US and high debt because buy more weapon military
since independence this 1 country is full of rich resources but at the end the country is slave of American, full of debt
Very pity people of Philippines
You speak in terms of pesos instead of dollars to prevent easy comparison with USA debt. Let's clarify.
USA population = 333 million
P.I. population = 115 million
USA debt = $34 trillion
P.I. debt = $272 billion
USA GDP = $28 trillion
P.I. GDP = $404 billion
USA Debt/GDP ratio = 123%
P.I. Debt/GDP ratio = 56.61%
USA Debt per capita = $102,102
P.I. Debt per capita = $2371
Annual Remittances for about 2.33 million Filipino Overseas Foreign Workers (OFW) = about $36 billion = about $16,000 per OFW.
If every Filipino OFW went on strike and won the strike for doubling of wages that are mostly near slave wages, and contributed those increased wages to paying off the debt, P.I. debt could be paid off in about ten years.
The countries that normally hire Filipino OFWs, Saudi Arabia, United Arab Emirates (UAE), Singapore, Qatar, Kuwait, Hong Kong, Taiwan, Malaysia, Oman, and Bahrain are rich countries with spoiled rotten people. They would pay.
The Philippines is very strong financially unlike the USA. Paying off Philippines debt is very possible.
There is no need to pay it? I bet everyone is gonna use this massive debt as how philippines government is not working for its population when there is other reasons to be used.
Philippine have no intention of paying or clearing its debts .
I dont think you understand how national debt works
@@Xynic48 ,, who cares how it works just pay up .
@@JacksonWong-pw4zq Almost every country, even developed countries have national debt. The moment a country cant pay for its debt is the moment their economy crashes.
@@Xynic48 do not drag other countries into your reason
@@JacksonWong-pw4zq So when is your country planning to pay its debt?
Philhealth can easily pay it all
its way less than $1 trillion debt..
Was it wort paying and dying for? Everything is bad and mismanaged here.
Video forgot one important factor, the corruption level in the philippines is one of the highest in the world, those borrowed funds doesn’t trickle down the citizens and gets plundered by politicians along the way.
sadly, thats true, i really really really hope, the current administration do some radical changes on the standards of the COMELEC on accepting candidates, like "No 2 relatives to the 4th degree can run at any office at the same time", sadly, no politician in power right now would want any changes on the standards because they will lose money!
Addict ang predlsidente.....wala sya dapat sa kanyang position.....nambudol.sya kaya nanalo.....dapat na sya ibaba...
Bangag, alis dyan....
@@jeomaiduldulao6655asa ka pa eh dynasty din marcos you think may babaguhin sila?
Government official original registered.Bai.Aneword.Sultan Authority.
why pay debt?
This is a slippery slope. Printing money may help the Gov, but by devaluing the value of money they are effecting wealth distribution - i.e. a tax. Huge tax on its citizens- and particularly unfair to people who lent money to the Gov.
Thats not your problem., its ours .. 😂😊
Duterte legacy! 👊
Tagalog taga luzon ka yata😢
Its more fun in the Philipines..and also more corupt government official and politician😂😂😂
Funny you say that America has 97 Japan has 200 Italy is at 160
Corruption: A Duterte Legacy👊🏽💚🇨🇳🤮
WHO POCKET THE BILLIONS OF PESOS? OKAY HAVE DEBT OF 15 TRILLION PESOS CAN THE 'PEOPLE WHO POCKET THE FEW BILLION PESOS CAN IMF REQUIRE THEM TO PAY BACK, OH, THEY NEED TO! BECAUSE IT WAS 'IMF BANK'
YOU DON'T NEED TO BE 'DRUG MANUFACTURES/ OF BANK ROBBERS' 'POLITICIANS CAN GET AWAY EVEN 'HEINOUS CRIMES'. 'WHAT A BEAUTIFUL WORLD OF CORRUPTION' "AGREE"? "DISAGREE"?
🇵🇭🇵🇭🇵🇭🙏🙏🙏🌎🌎🌎
" THE PHILIPPINES CAN ALWAYS AFFORD TO PAY ' NOT ONLY WE HAVE A WORD OF HONOR , BUT WE ARE A GOOD, HONEST, & TRUSTED CREDITOR
Sir.the debt came the time of president Duterte.
As long as it’s not 15 trillion DOLLARS😆
Rampant Corruption
Need not worry.. Your sugar daddy is behind you 😂😂
Uncle Sam 🇺🇸🌏
I do not wish to hear nonsense like "Your unborn grandchildren's grandchildren will have this debt" because:
1. its not true, the countries with the biggest debt are all 1st world countries and their citizen's are wealthy
2. its a ploy to keep poor Filipinos poor in mindset by the rich oligarchs and Manila politicians
Filipinas me
Ang liit2x naman sa utang na yan! Comsec! Bayaran yan!
Hahahahah😂😂😂😂... Pero ndi pwede kc magkakaroon tau ng inflation... Sakit sa bangs ng mga tao.. Tataas ang tax at presyo ng bilihin unless if ok lng sa mga tao
Pesos lng namn yan hindi dollar, 1 dollar, 58 pesos.
Why build nuclear power plant save money . use 💲 buy oil devalue own currency .help make ⚡ cheap ,house experience business, government,add social project or cut tax may be add salary labor .u have cheap⚡make low cost make items and service . the save can use add salary
Philippines should refuse to pay its debt. Ask US to abolish it or pay for having naval and military facilities in there. Philippines Can do it..if they remove the puppet leader.❤
How about Indonesia?
Indoenshiyans : Trade With 🇨🇳, Free Palestine, URra Russia, Stop Using 💵
Also Indoenshiyans: Guys please, Move To BALI 🌏🤯
@@Booz2020 😱😱😱😱
Debt News is Agenda of some Polpoliticians when they haved their yanking🤣🤣🤣