Aquino Fact Checks

FALSE: National debt during Cory Aquino’s term reached P1 trillion

Rappler
FALSE: National debt during Cory Aquino’s term reached P1 trillion
Data from the Bureau of the Treasury show that each recorded yearend national debt during the Corazon Aquino administration never reached P1 trillion
At a glance
  • Claim: The national debt during the administration of president Corazon Aquino reached P1 trillion.
  • Rating: FALSE
  • The facts: Data from the Bureau of the Treasury show that each recorded yearend national debt during the Corazon Aquino administration never reached P1 trillion.
  • Why we fact-checked this: Posts with the claim were made in various Facebook pages and groups as far back as 2020. An example is a June 16, 2021, post in the page “Kabataang Bongbong” with about 2,100 reactions, 196 comments, and 397 shares, as of writing. 
Complete details

A post in the Facebook page “Kabataang Bongbong” on June 16, 2021, claimed that the national debt under former president Corazon Aquino reached P1 trillion. This was compared with the debt during the time of former president Ferdinand Marcos. 

As of writing, the post from “Kabataang Bongbong” has about 2,100 reactions, 196 comments, and 397 shares. A CrowdTangle search reveals that the post has been circulating in many other Facebook pages and groups since 2020. 

The claim is false.

According to the Bureau of the Treasury’s record of the national government debt, the yearend actual debt during Aquino’s administration never reached P1 trillion.

The chart below shows the national government’s actual debt in million pesos from the years 1986 to 2020. Each recorded yearend national debt during the administration of Cory Aquino – which began on February 25, 1986 and ended on June 30, 1992 – never reached P1 trillion.

The Philippines’ national debt first hit the P1-trillion mark in 1993, when Fidel V. Ramos was president. He was sworn into office on June 30, 1992.

Also, the post referred to “utang ni Cory Aquino” (debt of Cory Aquino), so in this sense, the amount of debt should include only the net additional debt that Aquino incurred in her administration. It should not include the debt she inherited from the Marcos administration. Given the data above, the net additional debt Aquino incurred would be less than P1 trillion. (READ: FALSE: Pie chart of Philippines’ national debt under 3 presidents)

Here are some fact checks Rappler made where the national debt of the Philippines is discussed:

– Percival Bueser/Rappler.com

Percival Bueser is a graduate of Rappler’s fact-checking mentorship program. This fact check was reviewed by a member of Rappler’s research team and a senior editor. Learn more about Rappler’s fact-checking mentorship program here.

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