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MANILA, Philippines --- Senate President Pro Tempore Ralph Recto has filed a bill limiting the country's national indebtness at an amount not more than 50 percent of the national Gross Domestic Product (GDP). In a statement Friday, Recto said the measure wRecto files debt cap bill
MANILA, Philippines --- Senate President Pro Tempore Ralph Recto has filed a bill limiting the country's national indebtness at an amount not more than 50 percent of the national Gross Domestic Product (GDP). In a statement Friday, Recto said the measure would not«handcuff the government» from securing loans to finance infrastructure projects «but merely sets the red line in the debt meter that this and future governments must not hit.» «[I]t is better to impose a ceiling by law to shield the government, present and future, from piling up debt. We set it at 50 percent of GDP, with the prohibition that the national credit card shall not be maxed out,» Recto said. "Having this lim...Keep on reading: Recto files debt cap bill Read more











