Leviste: PH headed for debt crisis unless gov't cuts wasteful spending

MANILA, Philippines — Batangas 1st District Rep. Leandro Legarda Leviste warned that the Philippines is heading towards a debt crisis worse than the current oil crisis if the government does not end wasteful spending and make serious budget cuts. “This year, the Philippines will lose an estimated ₱300 billion from higher oil prices, but our bigger problem is that our national debt will exceed ₱19 trillion or 65% of GDP, the highest debt-to-GDP ratio in the past 20 years,” Leviste said. “The government did not save for a crisis, as the deficit reached 6% of GDP, yet growth still slowed […]... Keep on reading: Leviste: PH headed for debt crisis unless gov't cuts wasteful spending

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