MANILA, Philippines - Public debt that has accumulated through the years has left every Filipino with P31,391 in domestic and foreign debts, according to the latest data collated by the National Statistical Coordination Board (NSCB).
In its latest round of Sexy Statistics, NSCB said that as of December 2011, using constant 2000 prices, each Filipino owed P18,217 in domestic debt and P13,174 in foreign debt.
When inflation is taken into account, this means each Filipino’s total debt reached P51,675 as of December 2011. This is composed of domestic debt worth P29,989 and foreign debt, P21,686.
“As of December 2011, per capita real GDP [gross domestic product] was P61,719 while per capita debt was P31,391. Thus, 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,” NSCB said.
GDP is the total value of goods and services produced in a country in a year.
In terms of debt service, NSCB said the fastest annualized growth rate of real debt per capita, or using constant 2000 prices, was during the term of President Joseph Estrada when real debt per capita increased by 11.5 percent.
During the term of President Gloria Arroyo, the annualized growth rate of real debt per capita, or using constant 2000 prices, reached 1.2 percent; President Corazon Aquino, 0.5 percent; President Fidel V. Ramos, with a contraction of 1 percent; and the current administration, with a contraction of 1.2 percent.
If inflation is factored in, annualized growth rate of nominal debt per capita would be 18.3 percent during the time of President Estrada; 11.1 percent during President Corazon Aquino; 7.1 percent under President Ramos; 5.9 percent under the Arroyo administration; and 3 percent under the current administration.
Meanwhile, NSCB said that debt-service payments from 1986 to 2011 amounted to 8.5 percent of GDP. The highest debt payment was made during the first Aquino administration when the average debt service reached 10.4 percent of GDP.
This was followed by Arroyo and President Benigno Aquino III, at 9.6 percent and 7.5 percent, respectively, then Estrada at 6.2 percent and Ramos at 5.8 percent.
“Looks like the woman presidents wanted to pay our debt more,” NSCB said.
It added that debt-service payments as a percentage of outstanding debt averaged 14.7 percent from 1986 to 2011. They were on the average highest during the first Aquino administration at 19.8 percent.
This was followed by Arroyo at 15.6 percent, President Aquino at 14.6 percent, Estrada at 11 percent and Ramos at 10.6 percent.