Philippine peso bills. Gigie Cruz, ABS-CBN News

PH PESO

Sherrie Ann Torres

ABS-CBN News

&quot;Nakakaalarma talaga na lumolobo yung ating utang dahil yung utang na yan babayaran yan, hindi lang tayo, kundi babayaran &#39;yan ng anak natin, baka apo natin, baka pati anak pa nila. Kaya intergenerational ang utang,&quot; he said.&nbsp;(Our ballooning debt is really alarming because we will pay that and maybe our grandchildren will also have to continue paying our debt.)&nbsp;While saying that almost all countries in the world have a debt, what&#39;s more important is to ensure that every centavo in that loan is properly used, the senator said.Gatchalian believes that the loans are being used by the government to improve the country&#39;s economy.He said it is important for the country to manage the debt or the economic scenario will be bleak.&quot;Bago pre-pandemic levels, ang debt-to-GDP natin, nasa mga 27, 28 percent. Ngayon, nasa 60 plus percent na. At ah, kung hindi natin mapababa yan, kung may tumama na naman isang pandemya o isang mas malaking problema, at uutang tayo, lalampas na tayo sa 100 percent. At &#39;yan ang magiging unsustainable,&quot; Gatchalian explained.&nbsp;(Before the pandemic, our debt to GDP (Gross Domestic Product) is around 27, 28 percent. Now, we&#39;re at 60 percent. If we fail to reduce that and we even reach 100 percent, our debt will no longer be sustainable.)&nbsp;&quot;Ibig sabihin, lahat na lang nang nakokolekta nating buwis, pupunta sa pagbayad ng utang... ang importante ngayon, hindi lang lumaki yung ating ekonomiya, importante rin na yung pinagagastusan natin, pumupunta sa paglaki ng ekonomiya natin,&quot; he added.(This means that all our taxes will go to our debt payment. What&#39;s important is not just our economic growth, but that all these spendings go to economy.)&nbsp;For Gatchalian, a way to also manage the economy well is by plugging loopholes in existing tax laws and strengthening the government&#39;s tax laws.

MANILA -- The Philippines&#39; standing debt now running to P15 trillion is &quot;alarming,&quot; according to Senator Sherwin Gatchalian.Gatchalian said the amount can be seen as an &quot;intergenerational debt&quot; that even the future grandchildren of today&#39;s youth will be required to pay.

Gatchalian said the amount can be seen as an "intergenerational debt" that even the future grandchildren of today's youth will be required to pay.

Gatchalian said the amount can be seen as an "intergenerational debt" that even the future grandchildren of today's youth will be required to pay.

Philippines' P15-trillion debt alarms Gatchalian | ABS-CBN News

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Philippines' P15-trillion debt alarms Gatchalian

Philippines' P15-trillion debt alarms Gatchalian