Press Release
January 5, 2010

GMA LEAVING NEXT GOV'T BANKRUPT - ROXAS
P50-B IN INTEREST PAYMENT TO BE SHOULDERED BY PINOYS

Filipinos will pay an additional P50 billion a year because of the P600 billion in combined budget deficit that the Arroyo Administration will have incurred in 2009 and 2010, Senator Mar Roxas said yesterday.

This is proof that President Gloria Macapagal-Arroyo and her henchmen are robbing the government bankrupt to force the next administration to resort to drastic revenue-generating measures to keep the economy afloat, Roxas said.

The economist-senator said this is the result of the profligate spending and borrowing binge the Arroyo administration engaged in as early as two years before its term ends in June this year.

"Iyan ang sitwasyon natin ngayon. Palaki ng palaki ang utang natin, gastos ng gastos ang gobyerno pero ang nakikinabang lamang ay ang mga politikong nakaupo sa Malacañang (Our situation now is that our debt is increasing, the government is in a spending spree, but those who benefit only are the politicians sitting in Malacañang)," he said.

"Ubos na ang kaban ng ating bayan. Sa laki ng utang ng ating gobyerno at sa taas ng gastusin nito, nakikita na nating iiwanan nilang walang sapat na pondo ang susunod na administrasyon para tustusan ang mga programa nito (The government coffer is nearly empty. With a huge debt and this government spending extravagantly, the next administration will not have the funds to finance its programs)," he added.

Government's budget deficit rose to a whooping P300 billion last year and economic managers have projected another "humongous" P300 billion deficit for this year. Interest payments for a P600 billion borrowing to fund the deficit is estimated to at least P50 billion.

"Lampas-lampas na naman tayo sa deficit. Ang ibig sabihin nitong deficit, hindi na naman nasundan ng gobyerno ang revenue targets nito. Ang epekto nito, ang perang kokolektahin ng BIR at ng BOC, mapupunta sa pagbabayad ng utang natin noong nakaraang taon at sa uutangin natin uli ngayong taon (We have exceeded our deficit, which means government has again failed to meet its revenue targets. All taxes to be collected by the BIR and the BOC would now go to debt payments)," Roxas said.

The Visayan senator said with government bleeding financially, the next administration could be forced to impose new taxes or collect higher taxes to finance its spending, to the detriment of the interests of the public.

"Hindi na natin talaga maaasahan ang gobyerno na gawin ang tama. Nasa kamay na ngayon ng mamamayan na gawin ito - sa pagpili ng mabuting lider na wawasak sa kasalukuyang kalakaran. Kami sa Partido Liberal, patuloy na magbabantay sa paggastos ng gobyerno sa pondo ng bayan (We cannot rely on this government to do the right thing. Doing right is now in our hands and we can all do this by choosing the upright leaders who will change the rotten system. We in the Liberal Party will continue to guard how government spends its money)," Roxas said.

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