One of these speculations state that the Liberal Party wanted to, as much as possible, secure another LP presidency is that they don't want Duterte to win in fear that Duterte might uncover any alleged illicit spending of the Aquino administration.
Here are the facts.
External debt refers to the amount of money that a country owes to foreign or international creditors. By early 2016, the Philippines has an external debt with a total of $77, 658, 912, 000.
In addition to that, the Philippine public debt by early 2016 is reportedly $163, 934, 972, 678. Public debt refers to the debt owed by the central government. Both the mentioned external debt and the public debt was during the Aquino administration.
An amount of $500 million was released by the World Bank as loan by the Philippine government for rehabilitation programs for those affected by typhoon Sendong. There had also been a loan of another $500 million for Yolanda rehabilitation.
Amidst all these loans, the government was reported to have received an amount of P73.31 billion as donation for the rehabilitation program for typhoon Yolanda victims.
The real question of the citizens is: why does the Philippine government has to loan so much money when the Filipinos also have taxes providing the government with money to finance government projects?
Furthermore, the government also earns a lot from its private enterprises such as the Philippine Charity Sweepstakes Office (PCSO)
Another source of income for the government was the Malampaya Deepwater Gas-to-Power project, which lessened the import of the Philippines of fuel, providing the country with foreign-exchange savings, and energy security from this source of clean fuel. The project was said to have contributed $90 billion to the funding of the government.
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| Photo from lngworldnews |
With all these sources of financing readily available to the government, the question still lies: why does the Philippine government has to loan so much money?
Some people say that this is a dirty work done by the Aquino government and this is the main reason why they does not want Duterte to win the presidency because they fear he is going to discover the questionable borrowing of money by the Aquino administration.
Moreover, the mentioned amount of money loaned for the rehabilitation projects for those affected by typhoons Yolanda and Sendong was also questioned whether it was used for the supposed projects or not.
By the end of the Aquino administration, a total of P6.4 trillion of debt was left for the next administration, which is Duterte's. With President Duterte on the seat of the President, these issues have been unraveled for the public. People have been speculating that perhaps this was the main reason why the Liberal Party was persistent to have Roxas won the election so the LP can keep these issues hidden or at bay.
What do you think? Are the series of loans suspicious or do they justify their purpose of helping out those affected by the typhoons? Share us your thoughts.
Source: weblogph
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