Netizens React to ₱142k Debt Per Filipino
Many Filipinos were alarmed by reports that if the national debt were divided equally, each citizen would owe around ₱142,000. This figure was highlighted by Senate Committee on Finance Chairperson Sherwin Gatchalian, who warned that if the issue is not addressed, President Ferdinand Marcos Jr. could end his term with the highest recorded debt among all administrations.
Gatchalian explained that the country’s debt has been growing faster than the economy since 2023 due to global factors such as the war in Ukraine and other geopolitical tensions. He noted that a large portion of government funds is now going toward paying interest instead of directly addressing the needs of the people.
On the other hand, Finance Secretary Ralph Recto offered a different perspective. He argued that debt should not be seen only as a burden because about 70% of it is invested locally, particularly in funds managed by GSIS, SSS, PhilHealth, and Pag-IBIG. According to him, this means a large share of the debt is also an asset for Filipinos, as it supports pensions, savings, and health benefits. Recto also clarified that the country’s debt-to-GDP ratio has remained relatively stable, even slightly improving compared to when the Marcos administration inherited it in 2022.
However, many citizens did not take the news positively. Online, people expressed frustration, joking that they now “owe money just by scrolling” and pointing out that they are being made to share in the country’s debt but not always in its benefits. Others criticized corruption, saying the government should first go after those who mishandled funds instead of passing the burden to ordinary people. Some even questioned why citizens are being counted as “in debt” when the loans were made by the government, not by them personally.
As of January 2025, the Philippines’ total national debt stood at ₱16.31 trillion, according to the Bureau of the Treasury. While officials continue to debate whether this figure should be seen as alarming or manageable, the public’s reaction reflects deep concerns about accountability, fairness, and the real impact of government borrowing on everyday lives.
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