DOF_Chief_Diokno__PH_debt-to-GDP_ratio_still_manageable___ANC(360p)-VEED (1)

Chapter 1: Introduction

Secretary Benjamin Diokno, the Philippine finance chief, addressed concerns regarding the country's growing debt while speaking to lawmakers during budget discussions. He responded directly to President Marcos' statement regarding the worry over the country’s debt-to-GDP ratio. Diokno contended that the current ratio, which has escalated to around 62% largely due to pandemic-related borrowing, remains manageable. Historically, a debt-to-GDP ratio under 60% was considered stable, but the financial parameters have shifted post-pandemic, suggesting a new threshold of about 70% is more appropriate in the current economic climate. Additionally, it was pointed out that the Philippine Information and Communication Technology Department is among the poorest performers in terms of budget utilization, spending only 5.6% of its quarterly budget in the first quarter of 2023, followed by the migrant workers department and social welfare department with 10% and 11.4%, respectively.

Chapter 2: Manila Bay

In the ongoing discussions regarding government spending, it was noted that less than half of the total budget for 2023 has been utilized. The budget department has mandated that all agencies submit catch-up plans for budget execution, with a deadline set for September 15. In response to environmental concerns, all reclamation activities in Manila Bay have been suspended. Environment chief Tony Yulo Luizaga clarified that 22 projects are currently under review, following President Marcos' declaration that all but one reclamation project is paused due to management issues. Concerns raised by lawmaker Erwin Tullfos highlight potential national security threats associated with reclamation projects, particularly related to the presence of Chinese workers who allegedly abandon their vessels in favor of leisure activities nearby.

Chapter 3: The West Philippine Sea

Lawmaker Erwin Tullfos expressed apprehensions about national security risks, pointing out the lack of clarity regarding the background of workers from Chinese dredging vessels. Tullfos featured the role of the coast guard and the Bureau of Immigration in monitoring such occurrences, stressing the potential threat posed by unidentified crew members, who may be acting in the interests of the Chinese government. On the labor front, the Yamaso Bo KMU labor group has petitioned for a 100 peso wage hike in Central Visayas, arguing that businesses are financially capable of supporting this increase. In defense matters, Secretary Gilbert Theodoro Jr. articulated his discontent with aggressive actions taken by the Chinese coast guard towards Philippine troops, which he attributed to the ambiguous motives behind China’s actions in the West Philippine Sea, particularly in the context of EDCA sites established between Manila and Washington.

Chapter 4: Conclusion

The Philippines has taken a firm stance against external pressures, reiterating through its leadership that it will not yield to unreasonable demands. The narrative surrounding the country’s defensive posture has shifted as engagements with the U.S. intensify, with indications that China's true intentions center around dominance and exploitation in the West Philippine Sea. Furthermore, a stern message from Commodore Jay Tariela of the Philippine coast guard called out fellow Filipinos who seemingly support China's aggressive positioning; he stressed that such positions should be seen as acts of betrayal against the nation. Tariela emphasized the importance of national unity in denouncing China’s unlawful activities in the contested waters.