(DISCLAIMER: This report is subject to review by the Commission on Audit)
MANILA, Philippines (The Adobo Chronicles, Manila Bureau) – Philippine President NoyNoy Aquino — who revels in touting his administration’s so-called accomplishments –said yesterday that he is ending his 6-year term with P164.33 billion ($3.57 billion) in the national treasury, thanks to dividends remitted by government-owned and -controlled corporations (GOCC).
“My promise to our boss: I will leave this country in a totally different situation from what I came upon,” Mr. Aquino said during the 2016 GOCC Dividends Day at Malacañang.
What Mr. Aquino forgot to say in his speech was that the Philippines’ external debt now stands at $77.47 billion, according to the Banko Sentral Ng Pilipinas (Central Bank of the Philippines).
So, even without the use of an electronic calculator, Filipinos know that between the country’s external debt and the GOCC funds, the national treasurer is in the negative. Minus $73.9 to be exact.
Definitely, Mr. Aquino is leaving the Philippines in a totally different situation from what he came upon.
And that’s just as far as the national treasury in concerned.