Senate Committee on Finance Chairperson Sherwin Gatchalian on Tuesday warned that every Filipino now effectively owes about ₱142,000 as the country’s debt continues to mount.
Citing his own computation during the Development Budget Coordination Committee’s (DBCC) budget briefing, Gatchalian said the figure represents about 80% of household consumption per capita.
He noted that debt has been growing faster than the economy since 2023, driven by global factors such as the war in Ukraine and other geopolitical tensions.
“We are now paying for more interest or higher interest payments instead of spending for our needs,” Gatchalian said, warning that if left unchecked, the Marcos administration could end its term with the highest debt accumulation among all administrations.
Finance Secretary Ralph Recto countered the senator’s remarks, arguing that 70% of the debt is invested back into the Philippines through pension and social funds, and that the debt-to-GDP ratio has remained stable at around 61-62%.
