Photo Courtesy: GMA News
Bagong Alyansang Makabayan (BAYAN) president Activist Renato Reyes has sounded the alarm over what he described as a nation “drowning in floods and debt,” criticizing the Marcos administration’s proposed ₱2.7-trillion debt servicing in 2027, which accounts for 37.5% of the ₱7.2-trillion national budget.
In a Facebook post, Reyes questioned the nearly ₱700-billion increase from last year’s ₱2.1-trillion debt payments, noting that social services face steep cuts while obligations to creditors are prioritized.
“Nagbabayad tayo ng malaking utang upang makautang muli,” he said, accusing the government of borrowing not for public benefit but to sustain corruption and elite interests.
Reyes pointed out that Marcos’ gross borrowings in his first four years have already reached ₱10.3 trillion, surpassing the ₱9.4 trillion borrowed during six years under Duterte.
He linked the surge in debt to alleged corruption in flood control and other infrastructure projects.
“The regime says we must keep paying debt obligations so we can keep borrowing funds. But what really are we borrowing for when social services are being cut?” Reyes asked, warning that the public will continue to sink under the weight of debt and misgovernance. # (RRN)
