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The Philippines currently celebrates its Independence Day on June 12, the anniversary of Emilio Aguinaldo's declaration of independence from Spain in 1898. The declaration was not recognised by the United States which, after defeating the Spanish in the Battle of Manila Bay in May that year, acquired the Philippine Islands via the Treaty of Paris that ended the Spanish–American War.
The national debt of the Philippines is the total debt, or unpaid borrowed funds, carried by the national government of the Philippines. As of the end of October 2024, the total national debt of the Philippines amounts to ₱15.1889 trillion ($273.9 billion). [1]
The external debt of the Philippines rose more than 70-fold from $360 million in 1962 to US$2.3 billion in 1970 to US$17.2 billion in 1980 to $26.2 billion in 1985, [21] leaving the Philippines one of Asia's most indebted nations. [8] At the end of 1979, the ratio of debt to GDP was about the same as South Korea. [11]
According to World Bank data, the Philippines' gross domestic product (GDP) quadrupled from $8 billion in 1972 to $32.45 billion in 1980, for an inflation-adjusted average growth rate of 6% per year. [40] Indeed, according to the U.S.-based Heritage Foundation, the Philippines enjoyed its best economic development since 1945 between 1972 and 1980.
The US State Department viewed the Philippines' objections as reasonable and urged the War and Navy Departments to reconsider their excessive demands. [33] After a month of negotiation, the US sought only navy and air bases in the Philippines, which removed the need for facility construction in Manila. [33]
Should we blame Biden and the politicians applauding him for their unwillingness to address our looming fiscal disaster?
The Declaration is currently housed in the National Library of the Philippines. [1] It is not on public display, but like any other document held by the National Library, it can be viewed with permission. During the Philippine–American War, the American government captured and sent to the United States about 400,000 historical documents. [17]
In 1835, the national debt hit a low of $33,733 when Andrew Jackson was president. But the U.S. started borrowing again as the economy entered a recession in 1837.