Senate President Pro Tempore Ralph Recto has filed anew a measure that seeks to put a “debt cap,” or limit, to the government’s loans. Recto said the government was only P1.4 trillion away from his proposed debt cap equivalent to half of the GDP. He previously filed a debt cap bill in July 2016. We set it at 50 percent of GDP, with the prohibition that the national credit card shall not be maxed out,” he said. The President will have to seek authority from Congress to raise the debt cap, which means asserting the legislative branch’s power over the purse.

Source: Philippine Daily Inquirer July 19, 2019 21:22 UTC