De Lima: Duterte's debt spree must be kept in check

Opposition Senator Leila M. de Lima is alarmed at the continued borrowing frenzy of the Duterte administration, saying that multiple generations of Filipinos are being sentenced to serve life terms of debt slavery to foreign nations.

Per available data, the country's total outstanding debt hit a record-high P11.07 trillion as of end of May.

De Lima stressed that Duterte's debt spree must be kept in check considering his infamous sly tactics and his minions' ineptitude, negligence, and failure in coming up with a solid, well thought-out fiscal plan.

"Is it Build, Build, Build or Debt, Debt, Debt? That is the question of the hour. With countless unfulfilled promises, one cannot help but do the math and ask who actually gained from these projects. Bayan ba talaga ang nakinabang, o bayan ang namuhunan sa pagpapataba ng bulsa ng mga korap at ganid?" she asked in her Dispatch from Crame No. 1092.

"Hindi naman maaaring hayaan lang na tumaba ang bulsa ng iilan habang milyon-milyong Pilipino ang patuloy na nagugutom at naghihikahos. Lumolobo ang utang at sangkaterba rin ang pangako ni Duterte na #PaSóNa," she added.

Last July 5, the Bureau of Treasury reportedly divulged that the Philippines' debt stock went up by P79.8 billion or 0.73% from end-April, resulting to a total outstanding debt of P11.07 trillion in end-May.

Reportedly, 28.5% of the total debt stock was sourced externally, while 71.5% came from domestic borrowings.

"In fact, even before the pandemic, Duterte already began his debt addiction by signing loans to fund his supposed 'legacy' as the Golden Age of Infrastructure," De Lima noted.

It can be recalled that the Philippines has been borrowing heavily not only to finance the country's fight against COVID-19 but also to finance the Duterte regime's ambitious infrastructure program or "Build, Build, Build."

Despite the funds allocated for its infrastructure program, De Lima said the Duterte administration can only brag about the PNoy administration's infrastructure projects that they simply completed.

"The Duterte administration's dismal performance in the 'Build, Build, Build' Program is undeniable, with most projects claimed by Duterte being properly attributable to PNoy. Pati mga proyekto niya inutang lang niya kay PNoy para kunwari meron din siyang nagawa, at hindi lang siya puro ngawa," she said.

"One thing is certain. Duterte's legacy is a Golden Age of Debt! Duterte's debt legacy would be nightmarish for the next President, a humongous burden for us and the next generations," she added.

Worse, De Lima said that despite the trillions of loans acquired by Duterte to supposedly finance the country's COVID-19 response measures, the Philippines still ranked second-lowest among 53 countries in a COVID-19 resilience study.

De Lima was referring to Bloomberg's COVID Resilience Ranking wherein the Philippines only scored 45.3, next to Argentina with a score of 37, based on data as of June 27.

"Kulelat po tayo sa 53 bansa pagdating sa porsyento ng mga taong nabakunahan, kalubhaan ng mga lockdown, kapasidad sa paglipad at mga ruta sa pagbiyahe ng nabakunahan at iba pang indicators tulad ng fatality at positivity rate. Imbes na ayusin natin yung mga kakulangan, inaaway lang ni Duterte at mga tagapagsalita niya ang nagsasabi ng totoong kalagayan," De Lima pointed out.

"Sa sobrang kapalpakan, ang ₱6.49 billion na pang-ayuda sana sa mga kababayan nating nangangailangan ay hindi naipamahagi hanggang nawalan na ng bisa ang Bayanihan 2. Perang inutang, natutulog lang dahil panay din ang tulog ng Pangulo," she added.

"Hindi tama na para makalamon ang mga gahamang buwaya ay igigisa ang mga Pilipino sa sarili nilang mantika," the Senator stressed. "Our people deserve a government that will drive a hard bargain to get the terms that are most beneficial to our own national interest; but at the rate this debt spree is going, our government officials are bargaining away the future of multiple generations of Filipinos. Hindi pa pinapanganak ang mga apo natin, alipin na sila ng mga utang ni Duterte," she added.