Corruption, Xtravagance
Corruption and wasteful extravagance should be blamed for the rising national debt that had reached P3.908 trillion as of November 2006.
The foreign debt has gone so much that 71 percent of the gross domestic product is now needed to service it. President Gloria Macapagal-Arroyo, in 2004, admitted as much when she cited interest and capital payments as justification for the imposition of additional taxes.
Despite the already huge amount of foreign and domestic debts, the government intends to borrow more this year, $2.466 billion from foreign creditors and P260.1 billion from local sources.
It wouldn’t be so bad if the money goes to priority projects. But that is not the case.
A great portion is dissipated in projects whose only purpose is to give corrupt officials an opportunity to enrich themselves. An example is the construction of bridges that lead to nowhere.
I acknowledged that foreign debt servicing has gone down to $5.63 billion this year from $7.1 billion last year. Still, the amount is a burden that could very well lead to economic collapse.
To prevent that eventuality, there is an urgent need to change this government, which seems to have developed an addiction to the quick fix represented by borrowing. And the installation by the electorate of a different set of legislators is a good start.
I vow I would move for a review of the government’s borrowing policy if the opposition gets to dominate Congress after the mid-term elections.
There is need to review the law allowing the president to borrow money without congressional approval. The people ultimately bear the burden of paying back the capital and servicing onerous interest requirements. It is only logical that they, through their representatives in Congress, are consulted on the matter.
March 9th, 2007 at 1:58 am
lagot ka GLORIA wala na kayong makukurakot nyan..wag nyong galitin si PAPA CHIZ..masarap yang kaibigan at palaman sa tinapay pero masama yan pag-nagalit..wohohoho go go go PAPA CHIZ..MUAH
March 11th, 2007 at 3:14 am
i am one of your avid fans, mr. chiz. i totally agree with your views. i know ul win, the youth is for u. God bless u. mabuhay ka! mabuhay ang Pilipinas!
March 11th, 2007 at 3:41 am
idol!
March 22nd, 2007 at 8:45 am
Shall we be thankful that the economy daw is rising? Yung sigurong mga nasa itaas ang nakikinabang pero hindi bumababa ang benefits. Ewan, parang nakalimutan ko na ang napag-aralan ko sa Economics dito kay Gloria. Laking sisi ko nga at ibinoto ko siyang senador nun.
March 23rd, 2007 at 5:31 pm
Am one w/ u on ur views and principles and i hope u wud stand by it firmly as u move onwards in public service. The sensible public wud support u all d way, that is only if u lead us in changing d system and let not b changed by it.
March 27th, 2007 at 4:07 am
True
March 27th, 2007 at 5:09 am
This is the best blog i’ve ever read. If only I can vote now i would certainly vote you but i’m still 17 years old hahaha
good luck senator chiz!
March 27th, 2007 at 7:41 am
like father like daughter. The dumb father of gloria was the one who started to borrow money from the WB. He abolish the FILIPINO FIRST POLICY of Pres. GARCIA. Bobo talaga ang mag ama. I think their family must be the one who must pay the debt of the Phils. instead us FILIPINOS.
March 27th, 2007 at 12:41 pm
I adore your blogs Mr. Escudero, and I think this is the best blog I ever read. I just wish I can vote, and I wish my mom will come home this election, but we can’t.
So a best of luck to you Mr. Chiz Escudero. I hope you win. Me and my mom is also a avid fan of yours..
March 27th, 2007 at 3:55 pm
And what plans do you have in mind for the change in government?
I suppose a parliamentary system would have been beneficial for this coutntry’s economic growth. Towards this elections, what solid guarantee to you possess that we should support your seat in government?
March 27th, 2007 at 7:52 pm
The President is actually ALLOWED to borrow money without congressional approval?
So what happens is that the government borrow money from the WB without results and we Filipinos are obliged to pay for it?
We REALLY need a change. I agree with your Mr. Escudero. If only I’m allowed to vote already.. Shesh! You guys really have to think about your ballots.
March 27th, 2007 at 11:36 pm
isa kang tunay na pilipino sa puso, sa isip at sa gawa. looking forward to you to be our next president after gma.
para sa ‘yo ang 100% suporta namin. mabuhay ka chiz!
March 28th, 2007 at 12:06 am
you a really a great man, i salute you!!!!!!!!!!
March 28th, 2007 at 1:07 am
I heard once that corruption is impossible unless one has friends in the Commission on Audit. Why hasn’t the Congressional oversight function been used to check these anomalies on the part of the DPWH? The corruption in that office is legendary. Also, I believe that another major source of corruption is the long delay in approving the budget every year through the power to reallocate funds granted in such cases. Again, the Congressional oversight function is not exercised to show how anomalous these projects are. I also can’t understand how white elephants such as NAIA III are allowed to pass Congressional scrutiny only to haunt us taxpayers in the end.
I believe that the function of Congress as the safekeeper of public funds (and vanguard against executive fiscal abuse) is not fulfilled because the Lower House has had in recent times a tradition of kowtowing to the executive (in order to get projects, which in turn gets votes). There is a vocal minority showing the genuine flaws in these projects but with an overwhelming majority acting as an Executive rubber stamp, no fiscalization actually gets done. Thank you, Chiz for providing hope that when you do get to the Senate, you will, as part of a new, independent, and more vocal majority, start a shift toward issue-based governance Filipinos have been longing for since the time of Manuel L. Quezon.
Changing the system to a parliamentary form of goverment will only exacerbate this situation. We need a genuine system of check and balance. Thank you Chiz, for vigorously opposing a shift toward a parliamentary form of government done without a proper threshing of the issues involved.
March 28th, 2007 at 12:25 pm
Mr Chiz Escudero, I always see you on TV making comments and queries on the current administration particularly in in graft and corruption. Yes, I agree with most of ur statements. I just want to hear ur from u, how about the corruption that some oposition is doing? I dont think all oppositions have clean record/governance. Next, I want to hear from you, what are ur concrete plans if u will win this election particularly in curbing graft and corruption? how about in education? What are ur plans in solving key issues in our educational system? Do you have political and economic plans? Hoping for your answers.
Thanks and God bless!
-Paolo, college instructor, graduate of Economics
March 28th, 2007 at 9:07 pm
im with u mr chiz.they can sa whatever they wanna say to you. whats important is you stand with your choice.maganda sa isang leader yung hindi traitor at balimbing.yan ang kailangan sa pilipinas para nman kahit papano tataas tayo when it comes to economic stability.i jst wonder bat sasabihin nla na c erap ang pinaka corrupt na pangulo.kng hindi c gloria corrupt at kng totoo ang sinasabi nlng lesser na ang utang ng pilipinas sa ibang bansa why is it na hanggang ngayon wla pa ring improvement sa bansa when it comes to economic stability?san ung pera?puro lng namn dada ang administration eh.wlang mangyayari kung puro dada ang gagawin.nagpapa impress ang administration sa mga cities pro try kya nla sa mga towns.hindi lahat ng nkatira sa towns papayagan ang corruption.bilib ako sayo mr chiz ksi ang bata mo pa pro may paninidigan ka.sana dumami pa ang taong tulad mo. ang mga taong kagaya mo ang kailangan sa bansa para umunlad.tama ngang nasa opposition ka ksi nasa tama ka..asahan mo ang boto ko at mga kaibigan ko.
March 29th, 2007 at 5:00 am
the senate must have someone lyk you to prevent corruption in the government… Continue that good example… i will support you…
April 2nd, 2007 at 12:32 am
the Filipino people are so blessed to have you.
—Mia Enriquez, College Student
INC member
April 2nd, 2007 at 11:11 am
Kahit sino sa kanila mga politicians opposition man o sa administrasyon, hindi mahalaga yun. Ang pag boto ay ang isang malayang pag hirang sa mga karapat dapat na pinuno ng bawat isa, hindi dapat ito bigyan ng masamang kulay politika, ngayon ang simula ng panahon sa tamang pag pili ng mamumuno sa senado gaya ni ESCUDERO.
April 6th, 2007 at 7:02 am
i appreciate if there still out there like you,chiz,who is not a corrupt politician…every pinoy blames pinas’poverty to corrupt politicians…how could a truthful politician prove this is not true..hope chiz will do it…