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Government debt hits P1.86 trillion in 7 months

The government’s gross borrowings from January to July soared by more than 121 percent to P1.86 trillion from P840 billion in the same period last year as the country borrowed more to meet its pandemic needs, according to the Bureau of the Treasury......»»

Category: financeSource: philstar philstarSep 7th, 2020

Philippines debt hits record P11 trillion

The country’s total debt stock hit a new record high in May, passing the P11-trillion mark as the government borrowed more from the domestic market to finance its pandemic response......»»

Category: financeSource:  philstarRelated NewsJul 5th, 2021

NG debt hits P10.13 trillion

The country’s outstanding debt rose further to P10.13 trillion as of end-November 2020 as the government borrowed more funds from the domestic market, the Bureau of the Treasury reported yesterday......»»

Category: financeSource:  philstarRelated NewsJan 6th, 2021

Gross borrowings hit P3 trillion in 11 months

The country’s debt exceeded P3 trillion from January to November as the government continued to ramp up its borrowings to fund coronavirus response efforts, according to the Bureau of the Treasury......»»

Category: financeSource:  philstarRelated NewsDec 27th, 2020

Christmas 2020 for workers and farmers

HOTSPOT Tonyo Cruz Two things workers are looking forward to at the end of each year are the 13th month pay and the Christmas bonus. And it seems about two million workers may not get any 13th month pay at all, if the Duterte government would have its way. The reason? Because of the pandemic. In reaction, Kilusang Mayo Uno chairperson Elmer Labog  issued his shortest statement yet this year, unable to hide labor’s frustration: “It is the government’s responsibility to bail out MSMEs in times of emergencies.” Indeed, it is the state’s obligation to support and prop up micro, small and medium-scale enterprises especially now in the time of pandemic. By saying MSMEs could dispense with the 13th month pay, the government is practically passing on its responsibility to MSMEs. Workers continue to give their share through the cheap, underpaid and overstressed labor power that makes sure MSMEs continue to function and perform their role as main engines of the economy. The government must do its job: Bail out the MSMEs. It is quite surprising that the Duterte government seems disinterested in bailing out MSMEs, considering the avalanche of news about the borrowings here and there. According to Sonny Africa, executive director of the think-tank Ibon Foundation, the borrowings has reached a historic high: “It took 118 years for the country’s debt to reach P6.1-trillion in 2016. President Duterte is taking just six years to more than than double that to P13.7-trillion in 2022.” Again, the reason for the borrowing has been “because of the pandemic.” Regardless of where the money goes, and whether or not MSMEs and workers received only a drop from it, they would pay the entire debt through more and higher taxes for years to come. Workers are not asking for something they have not earned through hard work. They earned that 13th month pay. It is not an optional thing. It is part of the law. The pandemic should oblige the state to bail out our MSMEs to enable them to fully function, and to give the workers’ their due under the law. Workers have given and lost a lot because of the pandemic. Workers have not asked for free rides to work, but the government fails to provide adequate and safe mass transport. Workers have asked for free mass testing in their companies and communities, but the government has other ideas. Workers and their families would have fared better with unemployment benefits amid the dismal pandemic response of government, but it seems the same government wishes to push them instead to pawnshops and loan sharks. We haven’t even factored in the laid-off, underemployed and unemployed workers, as well as the undetermined number of overseas Filipino healthcare workers stranded in the country since April. They all don’t wish to be “patay-gutom” and “pala-asa”.  They don’t wish to stay unemployed and be dependent on aid. They are ready to work and earn their keep. But since the president made policy decisions affecting their ability to obtain work, it is the government’s obligation to bail them out as well. The situation of our nation’s farmers is no different. For instance, rice farmers continue to produce our national staple. The pandemic made even worse the effects on them of the combined power of policies such as rice tarrification, the stranglehold of Big Landlords, the vast influence of rice cartels, and the continued operation of illegal rice importers. Price monitoring by Bantay Bigas and the Kilusang Magbubukid ng Pilipinas reveals the outrageously low palay prices nationwide, which means ruin to our nation’s rice farmers: Negros Occidental and Bicol region P10; Capiz P10-P11; Caraga P11; Tarlac P11-12; Ilocos Sur and Nueva Ecija P11-13; Camarines Sur P11.50-14; Bulacan and Mindoro P12; Isabela P12-P13.50; Pangasinan P12-P12.30; Antique P12.50; Agusan del Sur P13; Davao de Oro P13.14; Davao del Norte, Surigao del Sur and South Cotabato P13.50; North Cotabato P14; and Lanao del Norte P15. If you look at it, plantitos and plantitas today pay 20 to 50 times more for ornamental plants, compared to the prices traders and the NFA offer to our farmers. According to Bantay Bigas and KMP, the government procures way less than 20 percent of the produce of rice farmers.  And then we hear that the NFA would rather import rice from other countries, at pandemic-affected prices at that. Without any state intervention, by way of NFA buying rice farmers’ produce at P20 per kilo, and providing loans to farmers, there could be worse rural poverty in the coming months and years. Between our workers and farmers, their families have been made to sacrifice a lot since March, with prices of basic goods spiking, with new and higher expenses arising from online classes for the children. There cannot be no aid for them.  Neither should workers and farmers shoulder the burden of the failure or refusal of government to provide funding for bailouts sorely needed by MSMEs, and be forced to accept new national debts to pay for policies such as rice tarrification and importation. The government knows the scale of the problem. The Department of Labor and Employment says 13,127 companies have either laid off workers or permanently closed. The response cannot be “pass the burden to workers”. The answer should be: “the state must do everything to rescue the companies and the workers.” OFWs across the world should be familiar with bailouts and economic protections because of the pandemic. Many countries that host OFWs enacted huge bailouts and stimulus to their economies, partly so that migrant labor could continue to be employed. They enjoy health insurance, and special COVID19 coverage. Governments handed out checks to both citizens and companies. Is it too much to ask that the same be done in our own country? Or do Filipinos have to go abroad to experience such social and economic protections?.....»»

Category: newsSource:  mb.com.phRelated NewsOct 9th, 2020

Government debt hits P9.6 trillion in end-July

The national government’s debt pile rose to a new record high of P9.16 trillion in end-July, up by 1.2 percent from P9.05 trillion a month earlier, as the government continued to ramp up its borrowings for coronavirus response efforts, the Bureau of the Treasury said......»»

Category: financeSource:  philstarRelated NewsSep 4th, 2020

Gov& rsquo;t debt surged P869b in 4 months

The government’s outstanding debt jumped by P869 billion or 11.2 percent since the start of the year to reach P8.6 trillion as of end-April, the Bureau of Treasury said Tuesday......»»

Category: financeSource:  thestandardRelated NewsJun 2nd, 2020

Government still has to release 14% of 2021 budget

The government has yet to release 14 percent of the 2021 national budget with five months remaining in the year, as it nears to face Congress to defend its proposal to increase the 2022 funding to more than P5 trillion......»»

Category: financeSource:  philstarRelated NewsAug 9th, 2021

Senators to scrutinize ballooning foreign debt

Senators are determined to hold executive sessions when the chamber tackles the P5.024-trillion budget proposal for 2022 to force government officials to provide details as to why the country incurred debts much more than actually needed......»»

Category: newsSource:  philstarRelated NewsAug 8th, 2021

Gov& rsquo;t debt breached P11-t level in May, says Treasury

Government debt reached P11.07 trillion as of end-May this year, mostly from domestic borrowings, data from the Treasury show......»»

Category: financeSource:  thestandardRelated NewsJul 6th, 2021

Pandemic costs push up government debt beyond P11 trillion in May

The government’s outstanding debt sustained an uptrend in May to breach the P11-trillion mark amid the Duterte administration’s continued borrowing binge to fund ballooning pandemic expenses......»»

Category: financeSource:  philstarRelated NewsJul 5th, 2021

Government debt swells to record high P11 trillion

The national government’s outstanding debt rose to a fresh record high of P10.991 trillion in April, boosted by both local and external borrowings, the Bureau of the Treasury said......»»

Category: financeSource:  philstarRelated NewsJun 3rd, 2021

NG debt rises to new record high of P10.77 trillion

The national government’s total outstanding debt rose to a new record high of P10.774 trillion in end-March, still mostly domestic borrowings, to fund its pandemic response, the Bureau of the Treasury said yesterday......»»

Category: financeSource:  philstarRelated NewsMay 4th, 2021

NG debt rises to P10.4 trillion in February

The national government’s total outstanding debt rose to a new record high of P10.405 trillion as of February, as borrowings were ramped up to finance its pandemic response......»»

Category: financeSource:  philstarRelated NewsMar 29th, 2021

Govt debt rises to P10.3T at end-Jan

The government’s outstanding debt soared to a new all-time high of P10.32 trillion at end-January on bigger domestic obligations, according to the Bureau of the Treasury (BTr). Treasury data showed on Tuesday that the amount was a 5.4-percent or P532.45-billion increase from P9.79 trillion at end-December. Of the figure, 29 percent was generated from foreign […].....»»

Category: newsSource:  manilatimes_netRelated NewsMar 3rd, 2021

Gov& rsquo;t debt climbed to P10.32t in January

Outstanding debt of the national government climbed 5.4 percent or P532.46 billion in January to P10.327 trillion from December, driven by the re-availment of a P540-billion short-term loan facility from the Bangko Sentral ng Pilipinas......»»

Category: financeSource:  thestandardRelated NewsMar 3rd, 2021

Debt payments reach P889 billion

The national government spent P888.96 billion in the first 11 months of 2020 to settle its debt from domestic and foreign lenders, according to the Bureau of the Treasury......»»

Category: newsSource:  philstarRelated NewsJan 10th, 2021

Government outstanding debt jumps 31%, tops P10.1 trillion

The government’s outstanding debt climbed by more than 31 percent in November to exceed P10.1 trillion for the first time from a year ago, driven by short-term borrowings from the Bangko Sentral ng Pilipinas to fund the anti-COVID-19 response......»»

Category: financeSource:  thestandardRelated NewsJan 7th, 2021

Government borrowings breach P3-trillion mark in November

The government's debt burden continued its uptrend from January to November, with gross borrowings soaring beyond the P3-trillion mark as the country's pandemic needs grow......»»

Category: newsSource:  philstarRelated NewsDec 24th, 2020

Government debt increased by P658.8 billion in October

The government’s total outstanding debt as of end-October 2020 rose by P658.81 billion, or 7 percent, to P10.027 trillion from the end-September level, driven mainly by the availment of external and domestic loans used to fund the budget deficit amid the COVID-19 pandemic, the Bureau of the Treasury said Friday......»»

Category: financeSource:  thestandardRelated NewsDec 4th, 2020

Shell widens losses to P13.9-B in 9 months; P1B investment set for import facility

With additional valuation-anchored inventory losses and one-off charges booked, the net loss of listed firm Pilipinas Shell Petroleum Corporation (PSPC) had widened to P13.9 billion in nine months this year. That’s a complete reversal of the P4.4 billion net income it posted last year, when oil prices were at more predictable state and there had been no pandemic-induced uncertainties disrupting oil markets. It specified that if the P5.7 billion inventory valuation losses had not turned up, the company’s net loss in the third quarter should have been at leaner P700 million versus P900 million in the second quarter. And without the one-off charges that stood at P7.5 billion, the oil firm’s net loss should have been trimmed to P6.4 billion within the January-September stretch. The one-off charges came about because of the closure of its refining operations that subsequently prompted the conversion of its Tabangao facility into a world-class import terminal. But while the company works on improving its financial performance in the coming months, Pilipinas Shell President and CEO Cesar G. Romero announced that they will be re-investing roughly P1.0 billion in the next few years “to fully transform Tabangao into a world class facility that will support its marketing growth aspirations.” Part of the company’s major step this year is to set on stream the commercial operations of its 54-million liter capacity terminal in Subic to underpin its supply chain, primarily to serve the demand of its Northern Luzon customers; while its Tabangao import facility will cater to the needs of customers in other parts of Luzon and Northern Visayas. To complete the loop, its Northern Mindanao Import Facility (NMIF) in Cagayan de Oro will be supporting the rest of Visayas and well as customers in Mindanao. Pilipinas Shell said it now “has a more resilient network of three medium-range import terminals with sufficient finished products capacity to effectively serve the demands of customers nationwide.” The firm indicated that despite the challenges, it prioritized business strategies that shall result in cash preservation for the company. As of third quarter’s end, the savings logged by the company stood at P2.5 billion; and this is seen sustained at the level of P2.0 billion until the end of this year. “Savings of P1.2 billion were generated from OPEX (operating expenses); with P1.3 billion from CAPEX (capital expenditure),” Shell emphasized. While the company still navigates the tough terrain of business induced by the coronavirus pandemic, Romero asserted their overall frame “remains optimistic,” as he noted that the “government’s efforts to gradually reopen the economy by prudently relaxing quarantine restrictions are slowly giving elbow room for the economy to recover.” He specified that for Shell, “the wins are coming in gradually as more businesses operate at increased capacity in the areas of manufacturing and transportation.” The company chief executive expounded “our balance sheet, technical capability and resources are solid; and serve as well in continuing to provide Filipinos with high quality fuel products despite the challenging environment.” Parallel to the firm’s aspirations for demand and financial rebound, Romero noted they are also making “the right sustainable decision to protect the long-term interests of our shareholders.” The company’s gearing had risen to 47-percent, and that was mainly attributed to “lower equity from net loss rather than an increase in net debt,” with it emphasizing that “excluding the impact of the refinery one-off charges, the company’s gearing stands at 41-percent.” Romero indicated “the pandemic has forced us to rethink the way we do things, while ensuring the quality of service that Filipinos expect from us.”.....»»

Category: newsSource:  mb.com.phRelated NewsNov 12th, 2020