Pacquiao baffled at Philippines’ record P12.68-trillion debt: ‘Amazing!’

Presidential candidate Senator Manny Pacquiao on Thursday expressed his astonishment that the Philippine government’s running debt balance has widened further and reached a record P12.68 trillion.

"Amazing! Amazing na... siyempre may pandemya naman. Amazing na for one administration, ang utang natin umabot ng P12 trillion galing sa P6 trillion," Pacquiao said in a media briefing in San Remigio, Cebu.

(It's amazing! It's amazing that... well it is given that we had the pandemic. But it is amazing that for one administration, out debt blew up to P12 trillion from the previous P6 trillion.)

"'Yung utang natin na P6 trillion bago umupo ang administrasyon na ito... sinasabi ko lang 'yung totoo... 'Yung utang natin na P6 trillion, nakuha 'yan ng limang presidente, Aquino to Aquino... Aquino, Ramos, Erap, Gloria, then Aquino. Ang total na utang is P6 trillion. Dito sa isang administration, nagtaka lang ako bakit lumobo ang utang natin na umabot ng P12 trillion plus," he continued.

(Our P6 trillion debt before this administration took office...I'm just telling the truth...Our debt of P6 trillion was reached by five presidents, Aquino to Aquino: [Corazon] Aquino, [Fidel V.] Ramos, [Joseph Estrada], Gloria [Macapagal-Arroyo], then [Benigno S.] Aquino. The total debt was P6 trillion. But with this one administration, I am wondering why our debt has swelled to more than P12 trillion.)

The country's debt ballooned amid continued borrowing efforts to boost the state’s war chest for COVID-19 recovery measures coupled with a weaker local currency during the period, the Bureau of the Treasury (BTr) reported.

Pacquiao also lamented that despite borrowing a huge amount, the country still lagged behind its COVID-19 response.

"Kung P3 trillion ang inutang natin para sa pandemya, bakit panghuli pa tayo sa COVID response? Yan ang tanong ko," he said.

(If we borrowed P3 trillion for the pandemic, why are we still lagging in terms of our COVID response? That's my question.)

If he wins the presidential race in Eleksyon 2022, Pacquiao vowed to recover all the amount of debt that the country acquired under the past administrations.

"Iuulit ko 10 years backward. Para malaman niyo lang, 'yan ang plano ko," he said.

(I will regain all our debt from 10 years backward. Just for them to know, that is my plan.)

As part of his agenda of fighting corruption, Pacquiao said he would prioritize signing an Executive Order allowing him to review all government contracts so that those involved in anomalous transactions may be revealed.

While Pacquiao affirmed the Build, Build, Build (BBB) program under President Rodrigo Duterte's administration, he said its projects still needed to be put under scrutiny.

Asked to comment on the Department of Public Works and Highways' (DPWH) report that only 12 out of 119 infrastructure flagship projects (IFP) were completed to date, the boxing icon refused to outright criticize the current administration.

"Unfair naman sa Pangulo, sa ating administrasyon, almost three years ang pandemya, so hindi siya masyado nakaporma... Huwag naman nating masyadong... marami ring nagawa ang administrasyon lalo na ang Build, Build, Build. So huwag naman nating anuhan, kasi maging biased naman tayo. Fair lang tayo."

(That would be unfair to the President, the administration. The pandemic has been going almost three years, so they were not able to form...they were able to accomplish much, especially Build, Build, build. Let's not be biased, just be fair.) — BM, GMA News