Public Indebtedness


This Department is in charge of collating all information on our public debts: how much is owed, to whom, for what, what costs we are carrying for that debt, when it was incurred,and if it has a termination date or date due that it is supposed to be paid, etc.

It is peopled by idealist yet pragmatic and practical people from the academe, economists, financial experts, bank and management people, perhaps even the religious. They publish their reports on a quarterly basis for everyone to see.

The debts are classified according to priority: when due, how much payable, cost of carrying interests, etc.

They then classify them and publish them for everyone to see, with the intention of informing the citizenry, allowing them to participate in the payment of the debts directly if they chose to,  with the Banks concerned to receive the deposits for the intent to pay off the debts;

Quarterly the Department will make a report to the Filipino people published in the papers, including the Bank statements showing the movement of cash for receiving and paying of public debts;

They then prioritize a specific list of loans/debts, and ask the people to pay the debts themselves directly through voluntary donations.

It can help galvanize people's actions by showing the debt and dividing it into sets of  say PHP10 per person, and showing how long or fast it will take to pay off certain bills monthly.

A company with a thousand employees each donating PHP10/each would be generating PHP10,000 a month plus another PHP10,000 that the company will match up with, producing PHP20,000 monthly. In a year that would be PHP240,000 being deposited into a bank for purposes of paying public debts.(Perhaps this can be considered as offsets or credits to Internal Revenue individual income taxes OR even to the Corporate Income taxes? They just need to present their bank deposit slips or bank receipts).

If we can get 3,000,000 employees/citizens paying each PHP10/month, that would be PHP360million every year. What if some donates PHP100, or PHP1000 or even PHP10,000 monthly?

It will pay off the public debt over a period of years, freeup many funds for use of the public, bring about lower loan interests, and allow enterpreneurs more money in the public system to borrow and invest on, etc. More funds released from the government side will mean more and better hospitals, roads and bridges, better pay to government employees and military and police personnels, schools, etc.
Such would also give the people direct access to and make direct actions related to public indebtedness.

Without increasing rates to collect  taxes, our country can move forward and pay our debts until we become debt free, in say 10 years? Of course, the public debt must first be published to know. The payments and balances to particular debts that are being paid for directly by the people must also be published regularly.

Remember the Koreans donating their jewelries when the Korean and Asian economy collapsed by the end of the 90s? It can be done.

You may want to share your dreams too, and perhaps we can do it too. IS THE ABOVE DREAM ACHIEVABLE?

rene pamintuan