NSCB: Each Filipino owes P51,675 in foreign and domestic debt

The Philippine National Statistical Coordination Board (NCSB) estimated that every Filipino–all 95.8 million of them, based on estimates for 2011–has a nominal debt per capita of P51,675.

 

“As of December 2011, every Juan/Juana de la Cruz owed P29,989 domestic debt and P21,686 foreign debt, a total of  P51,675,” the statistic agency said in a statement. 

 

“If we want to pay off our debts completely, for every P100 worth of goods and services we produce in the domestic economy, we must use P51 for debt service,” the NSCB noted.

 

Last year, the per capita real GDP (gross domestic product), or the value of services and products produced in the country divided by the population, was at P61,719, while per capital debt was P31,391, according to NSCB.

 

“On the average, almost half or 44.3 percent of the Filipinos’ debt from 1986 to 2011 was obligated to foreign lending institutions,” the NSCB said.

 

The average share of foreign debt per administration was:

The NSCB noted that on per capita basis debt increased nominally by 11.1 percent during the tenure of President Corazon Aquino, 7.1 percent during the time of Ramos, 18.3 percent under Estrada, 5.9 percent under Arroyo and 3.0 percent under Pres. Benigno Aquino III (2010-2011).

 

Annually, the growth rate of the Philippine debt per capita grew 0.5 percent during the term of President Corazon Aquino, 11.5 percent under the three-year term of Estrada, and 1.2 percent under Arroyo.

 

Meanwhile, a negative growth of debt per capita was recorded during the tenure of Ramos at -1 percent and, under the current president at -1.2 percent.

  

“In reality, debt service payments from 1986 to 2011 amounted to an average of 8.5 percent of GDP,” the NSCB revealed.

 

Debt service payments were highest during Corazon Aquino’s presidency at 10.4 percent of the GDP, followed by Gloria Macapagal-Arroyo’s nine-year term at 9.6 percent and the current President Aquino at 7.5 percent.

 

During Joseph Estrada’s tenure, debt service payments were at 6.2 percent of GDP, while Fidel Ramos' was at 5.8 percent.

 

Debt service payments as percentage of outstanding debt averaged 14.7 percent from 1986 to 2011, NSCB noted.

 

“Looks like the women presidents–mothers–wanted to pay our debt more,” NSCB claimed, citing that Mrs. Aquino paid 19.8 percent of the outstanding debt, followed by Mrs. Arroyo at 15.6 percent.

 

During his 2010-2011 tenure, current President Aquino registered 14.6 percent in debt payment–as percentage of the outstanding debt–while Estrada’s records was 11 percent and Ramos 10.6 percent, NSCB noted. —With Rouchelle Dinglasan DVM/VS, GMA News