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Albay solon says new president to face huge problems with P12-T debt, pandemic

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Albay Rep. Joey Salceda said that the incoming president will face mounting challenges posed by the global pandemic and on top of the P12 trillion national debt.

“Pero kahit sino manalo, malaki ang problema ng bansa – globally the economy is slowing due to covid debt scars while commodity prices are rising due to supply chain and production issues due to Russia – Ukraine. We need all hands on the paddle to get the canoe out of the storm,” said the lawmaker.

“With 12trn debt overhang, the first best strategic way out of the national problem is focus the limited budget on agriculture (contain inflation) and social services (safety nets) and get growth (GDP) from foreign investments,” he added.

Based on partial and unofficial results, former Senator Ferdinand “Bongbong” Marcos, Jr. is poised to win the presidency with a landslide victory.

Salceda said that Vice President Leni Robredo could’ve been best suited for the job since she has an economics degree and foreign investors trusted her but
“BBM’s 56% is the highest mandate in 53 years and can also be mobilised for smart policies to offset foreign investors’ concerns about him and his father’s rule.”

Sacelda said that Robredo called her and thanked him for his efforts.

“Leni came out of our conversation to be humble to the bones with only the nation’s interest is in her heart. Kalmado siya, not one iota of regret, enmity, or resentment,” he said

“There is no doubt that she is guided by one moral compass- her duty to the nation. But given her supreme moral standing, it was not for me to even suggest a concession,” he added.