Wednesday, July 13, 2005

Money Matters

Thinks are looking worse for the Philippines. The credit outlook downgrade by Moody's and Fitch means that there's a possibility that the cost of borrowing money (i.e., interest) will increase for the Philippine government.

We are already the largest borrower among sovereign nations in Asia, second only to Japan. Of course, the main difference between us and Japan is that Japan makes so much money so they can easily service their debt. On the other hand, the Philippines is already forking out 1/3 of its GNP just to service its debt and the government is essentially borrowing money to prop up the budget. Without credit, the government cannot pay off its loans and still keep the country running.

Of course, what this all means is that the economic situation will get worse for future generations of Filipinos who have to live with the financial decisions of the Arroyo administration.

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