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Magic in numbers EDITORIAL 08/15/2011

Monday, August 15, 2011

Magic in numbers

EDITORIAL
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08/15/2011
While nearly all — politicians who are either missing their Internal Revenue Allotment or their pork barrel which is officially the Priority Development Assistance Fund (PDAF), private enterprises which are now having a slow business and the individual citizens who are not being hired — are complaining about Noynoy’s administration’s huge cutbacks in spending resulting in the slowing down of the economy, government records showed nevertheless that debts are rising.

In its latest report, the Treasury bureau reported that for last May alone, total debt of the government increased by P65 billion to P4.777 trillion.

The major culprit cited for the increase in debt was the depreciation of the peso against the dollar aside from, of course, actual borrowings..... MORE

SourceThe Daily Tribune

URL: http://www.tribuneonline.org/commentary/20110815com1.html

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