Expat – Millions, billions, trillion

by Klaus Döring

I was not good in mathematics. Neither in elementary nor in high school or college. Nowadays, numbers with innumerable “zeros” hit us on the head.
Are the Philippines up to its ears in debt? Malacanang submitted to congress some days ago what was described as President Arroyo’s “final” budget proposal, amounting to 1.5 trillion pesos for 2010. She hopes that the “legacy” budget will rump up “social spending and pass on good fiscal numbers to her successor”. Let’s hope and pray for it. Sure, future generations have indeed to build on what this administration is leaving as legacy.
Fact is, the 2010 budget is 115 billion higher then this year’s trillions. Where is the end of the tunnel? Philippines, quo vadis?
The budget also assumes a population of more then 94 million Filipinos. Of course, population increases budgetary pressures such as the need to hire more policemen etc.
Let’s face it: The country indeed has incurred unprecedented deficits, which has been tried to plug with local and foreign borrowings, that have pushed the nation’s debt to 4.3 trillion pesos this year.
And? Face this also: A ballooning US government budget deficit that could reach 9 trillion US$ over a decade threatens to dent President Barack Obama’s reform plans and thwart long term economic growth. US health care and combatting climate change could cost several trillions of dollars.
So, where are we going in the future?
Funny but true: A luxury yacht owned by controversial Sto. Domingo, Albay mayor and Legacy Group head Celso de los Angeles has been cannibalized and the scrap sold to junk shops. No wonder! But, if I had been also a legacy victim – could I get the chance to get my savings back after that?
Questions, suggestions or comments? Email me at doringklaus@gmail.com. Watch out my new website, hopefully coming soon… .

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