Senate Minority Leader Koko Pimentel urged the government to show fiscal discipline in the face of mounting national debt, which reached a record high of P15.89 trillion in September. He voiced concern that an increasing share of government money is being spent on debt payments rather than public welfare. Pimentel opposed the reliance on new borrowing to address budget shortfalls and advocated for reducing wasteful spending. He notably mentioned pricey infrastructure projects destroyed by recent typhoons as areas that require examination.
Editor’s Note: Former President Aquino led the country’s debt reduction efforts, which were largely the result of fiscal reforms and better economic growth. However, the COVID-19 epidemic halted most of this progress, forcing the government to incur further debt to fund the emergency response and stimulus initiatives.
Pimentel’s complaints about excessive expenditure, particularly on infrastructure, are genuine. If we do not approach this issue with the same discipline that has previously helped us reduce debt, we risk jeopardizing our economic stability for future generations. [See also: Philippine COVID-19 Debts Amount to P1.31 Trillion]
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