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“The issue of balancing the budget is not a sacrosanct goal at this point in time. Some of these things are really beyond our control” |
It’s worth recalling just how bad things once were in the Philippines. In 2004, government debt was equivalent to 79% of GDP, and interest payments on that debt were consuming 37.3% of all revenues. That meant that more than one-third of all incoming money, in a poor country battling a host of challenges from El Niño to the oil price, was going straight to banks, rather than to roads or education.
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