RP reduces national debt by 1% in June, 2007
One percent debt reduction isn’t a lot. Well, not if you’re talking debt in the trillion pesos!
The Bureau of Treasury reported this weekend that the Philippines managed to reduce its outstanding debt. Domestic debt fell by P30 billion to P2.118 trillion in June, and foreign debt fell by P8 billion to P1.663 trillion. Thanks in large part to a strengthening pesos against the US dollar and the payment of more domestic debt.
Debt payments equaled to one percent of the total government debt of P3.782 trillion!
We reduced our national debt by P37 billion pesos. Good news, right? Yey! Just don’t look at how much each of the 88.7 million Filipinos still owe and we’re on our way to being debt-free. Someday.
YEY!
[source: GMA News TV]
Tags: Philippines, national debt, government debt, economy
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October 22nd, 2007 at 2:27 am
that’s good news but it’s a long long way to go before this nation can totally fix its debt. the best way we can further reduce debt is by curbing or eliminating graft/corruption the money stolen and put on the deep pockets by politicians can greatly reduce debts. and so what else can we do about this tremendous amount? 3.78 trillion is so much molah!