debt - updates

Rappler's latest stories on debt

ARTICLE FINDER

Argentina debt restructure 'progressing' as deadline extended

Jun 20, 2020 - 8:30 AM

The new deadline to restructure Argentina's $66-billion debt is set for July 24

LOCKDOWN. View of Mayo square with the Casa Rosada government palace in the background during the lockdown imposed against the spread of the coronavirus, in Buenos Aires, Argentina, on May 22, 2020. Photo by Juan Mabromata/AFP

Argentina extends debt negotiations to June 19

Jun 13, 2020 - 9:00 AM

Argentina says it is preparing to present a new offer to creditors on restructuring $66 billion in debt

View of 9 de Julio avenue backgrounded by the Obelisk during the lockdown imposed by the government against the spread of the new coronavirus, in Buenos Aires, on May 22, 2020. - Argentina was teetering on the brink of a second default this century on Friday as the deadline for a $500 million bond interest repayment approached. On Thursday, the economy ministry announced that it had postponed talks for a second time with international creditors on the restructuring of $66 billion of debt, this time until June 2. The negotiations were supposed to be completed by May 8 but had already been extended until Friday. (Photo by JUAN MABROMATA / AFP)

Lebanon in crisis talks as currency plunge sparks protests

Jun 12, 2020 - 8:32 PM

The worst economic turmoil since the country's 1975-1990 civil war has sparked protests against a political class accused of being corrupt and incompetent

Japan's debt mountain: How is it sustainable?

Jun 11, 2020 - 10:15 AM

Japan's debt stands at 1,328,000,000,000,000 yen or around $12.2 trillion as of end-2019

(FILES) This file photo taken on May 22, 2020 shows a man wearing a face mask as he walks past the Bank of Japan headquarters in Tokyo. - Already the global leader in accumulating debt, Japan's powerful lower house of parliament approved an emergency budget worth nearly 300 billion USD on June 10, 2020, adding nearly two trillion USD to its mountain 2020 fiscal year with record stimulus packages to cushion the impact of coronavirus. (Photo by Kazuhiro NOGI / AFP)

Argentina extends debt restructure deadline again

Jun 02, 2020 - 8:30 AM

Argentina moves its deadline to restructure a $66-billion debt to June 12, as tough negotiations with creditors continue

LOCKDOWN. View of Mayo square with the Casa Rosada government palace in the background during the lockdown imposed against the spread of the coronavirus, in Buenos Aires, Argentina, on May 22, 2020. Photo by Juan Mabromata/AFP

Argentina in default but creditor negotiations continue

May 23, 2020 - 11:30 AM

Crisis-hit Argentina fails to pay $500 million of interest on its bond debt – its 9th overall default

View of Mayo square with the Casa Rosada government palace in the background during the lockdown imposed by the government against the spread of the new coronavirus, in Buenos Aires, on May 22, 2020. - Argentina was teetering on the brink of a second default this century on Friday as the deadline for a $500 million bond interest repayment approached. On Thursday, the economy ministry announced that it had postponed talks for a second time with international creditors on the restructuring of $66 billion of debt, this time until June 2. The negotiations were supposed to be completed by May 8 but had already been extended until Friday. (Photo by JUAN MABROMATA / AFP)

U.N. urges global debt deal to prevent 'disaster' in poorer countries

Apr 24, 2020 - 12:40 AM

The United Nations says around $1 trillion of debt owed by the hardest-hit developing countries should be forgiven

ECONOMIC SLUMP. A woman arranges dried fish at the deserted fish market in Rufisque, Senegal, on April 9, 2020. Photo by Seyllou/AFP

Africa debt moratorium positive but falls short – experts

Apr 17, 2020 - 9:45 AM

The debt moratorium 'will stop African economies from falling off the cliff in the immediate future, but if solutions aren't forthcoming, catastrophe lies ahead'

ECONOMY AFFECTED. A man wearing a protective mask rests in a market in Abidjan, Ivory Coast, on March 30, 2020. Photo by Sia Kambou/AFP

Rich nations moving toward virus debt relief for poor countries

Apr 15, 2020 - 12:30 AM

G7 countries favor a temporary halt to debt payments from the world's poorest countries, but only if G20 governments also agree

SLUMS. This file aerial photo shows a view of the houses in the neighborhood of Fort National in Port-au-Prince, Haiti, on December 13, 2018. Photo by Hector Retamal/AFP

Lebanon officials greenlight first debt default

Mar 07, 2020 - 9:56 PM

Lebanon's debt burden is among the largest in the world, equivalent to 150 percent of its GDP

SHUT DOWN. A Lebanese national flag hangs in front of a closed petrol station in the capital Beirut on November 9, 2019. File photo by AFP

President 'misinformed or misinforming' public about Kaliwa Dam, say NGOs

Nov 15, 2019 - 3:58 PM

Various groups opposing the dam project say there are viable alternatives to end Metro Manila's water shortage

TINIPAK RIVER. This sacred area and favorite swimming area for tourists will be wiped out and the Kaliwa Watershed Forest Reserve will be destroyed by the Kaliwa Dam project. Photo courtesy of Laurie Mae Gucilatar.

Developing country debt jumps to $7.8 trillion in 2018 – World Bank

Oct 03, 2019 - 4:45 PM

The 5% increase in the total foreign debt of developing nations in 2018 is driven by a surge in Chinese debt

(FILES) This file picture taken on September 24, 2013 shows Chinese 100-yuan (RMB) bank notes being counted at a bank in Huaibei, in eastern China's Anhui province. China's central bank on August 11, 2015 devalued its yuan currency by nearly two percent against the US dollar, as authorities seek to push market reforms and boost the world's second-largest economy. CHINA OUT AFP PHOTO / FILES

Recto files bill to write off farmers' debts from CARP

Jul 13, 2019 - 2:19 PM

Recto says the amount of farmers debt is 'small compared to the hundreds of billions in private sector loans it had written off over the past 40 years'

CARP DEBT. Senator Ralph Recto files a bill seeking to write off debt of farmers from agrarian reform loans. Photo by Angie de Silva/Rappler

On World Environment Day, groups intensify campaign vs Kaliwa Dam

Jun 05, 2019 - 4:27 PM

In celebration of World Environment Day, groups opposing the construction of Kaliwa Dam start their campaign to convince President Duterte to revoke the contract to build

Various groups converged to campaign against the construction of New Centennial Water Source Kaliwa dam on World Environment Day, June 5. Photo by Anna Mogato/ Rappler

China debt trap? Opposition bets say PH at 'losing end' of 'onerous' loans

Apr 27, 2019 - 7:58 PM

'Ang mahirap sa sinasabi ng pamahalaan na hindi pa ito done deal, hihintayin pa ba natin na matapos ang kontrata saka tayo magrereklano? Aanhin mo pa ang damo, kung patay na ang kabayo?' says Otso Diretso's Romulo Macalintal

STUDY CHINA DEALS. Opposition senatorial bets oppose the China deals as is. Rappler file photos by Angie de Silva and Darren Langit

[OPINION] The paradox of a gift: Foreign aid and its conditions

Apr 14, 2019 - 10:45 PM

Should we reject foreign aid as it is ultimately self-serving anyway? Not at all.

[ANALYSIS] We never defaulted on our loans? That’s historical revisionism

Apr 11, 2019 - 6:17 PM

By saying the country 'never, never defaulted on its loans,' the DOF is being naïve at best and disingenuous at worst

[ANALYSIS] How the Philippines fell for China’s infamous debt trap

Mar 27, 2019 - 2:13 PM

Duterte himself fell for China’s debt trap – hook, line, and sinker – and in the process put at risk the country’s natural resources and strategic assets

What are patrimonial assets? Lambino rejects China debt trap fears

Mar 26, 2019 - 1:15 PM

Finance Assistant Secretary Antonio Lambino implies that the Philippines would not lose the gas-rich Reed Bank, as it is not considered a patrimonial asset

Malacañang taking Mahathir's advice on Chinese loans

Mar 11, 2019 - 2:10 PM

The Duterte government's economic managers are 'evaluating all kinds of loans' from China, says Presidential Spokesperson Salvador Panelo

PARTNERS FOR PROGRESS, BROTHERS FOR PEACE. President Rodrigo Roa Duterte accompanies Malaysian Prime Minister Mahathir Mohamad as the latter signs the guest book upon his arrival at the Malacañan Palace for his two-day official visit to the Philippines on March 7, 2019. Malacañang Photo

LIVE: Senate hearing on China loans

Mar 05, 2019 - 9:07 AM

Watch the hearing live on Tuesday, March 5, at 9 am


What happens if the Philippines can't pay off loans from China?

Mar 02, 2019 - 12:52 PM

(UPDATED) Senatorial candidate Neri Colmenares raises the alarm over the looming Chinese debt trap. The finance department shrugs off fears and says the Philippines can pay off the debt.

Bricked in by poverty, Cambodia's farmers fight debt bondage

Jan 02, 2019 - 3:35 PM

Unpredictable weather linked to climate change is laying waste to Cambodian fields

BRICK FACTORY. This photograph taken on December 11, 2018 shows Cambodian women working at a brick factory on the outskirts of Phnom Penh. - Saddled with debt from failed harvests, tens of thousands of farmers are turning to brick factories, where owners pay off their bills in exchange for labour. Photo by Tang Chhin Sothy / AFP

Why Chinese President Xi Jinping's visit matters to Filipinos

Nov 20, 2018 - 11:36 AM

Ties between the Philippines and China stretch back centuries – but power and money can complicate (not necessarily destroy) even the closest of friendships

CHINESE LEADER. Chinese President Xi Jinping witnesses the signing of a memorandum of understanding following a bilateral meeting with President Rodrigo Duterte in Beijing on October 20, 2016. Malacañang photo

FALSE: Pie chart of Philippines' national debt under 3 presidents

Nov 06, 2018 - 12:00 PM

(UPDATED) Since the national debt is a 'running total' of how much the country still owes, comparisons should show the 'net addition' to the debt for certain periods, not the supposed 'shares' of debt incurred by each president

Screenshots of false claims posted on Facebook about the country's national debt under 3 presidents

2019 budget: Executive branch, lawmakers OK 6-month extension for payments

Aug 30, 2018 - 3:59 PM

Agencies and departments will now have until 6 months after the fiscal year to make their payments under the 2019 cash-based budget system, says Executive Secretary Salvador Medialdea

Chinese debt trap? Americans did it too – Dominguez

Jul 31, 2018 - 5:25 PM

'We are not naive. We know all ODA (official development assistance) projects of all countries are designed to influence,' says Finance Secretary Carlos Dominguez III

[OPINION] Lessons for Manila from Sri Lanka's 'debt-trap' experience

Jul 22, 2018 - 7:24 PM

We consider the case of Sri Lanka as an illustrative example of the process whereby Chinese debt can translate into strategic concessions

Bong Go billboards, China on PH loans, Mandela | Midday wRap

Jul 18, 2018 - 1:49 PM

Watch Rappler’s midday newscast with Margie de Leon

Philippine external debt down to $73.2B in Q1 2018

Jun 15, 2018 - 6:31 PM

BSP Governor Nestor Espenilla Jr says net repayments which amounted to $3.4 billion mitigated upward pressures

Philippine debt at P6.88 trillion in April 2018

May 30, 2018 - 8:30 PM

(UPDATED) The country's debt is higher by 7.9% than the same period last year, according to the Bureau of Treasury

'Can you lend more?' Duterte asks ADB to fund more infra projects

May 05, 2018 - 9:14 PM

'We shall continue to rely on the ADB for financial assistance, be it in the form or loans or grants,' President Rodrigo Duterte says at the 51st Annual Asian Develoment Bank Meeting

BUILD BUILD BUILD. President Rodrigo Duterte asks Asian Development Bank for more loans. Malacañang Photo

Poe wants probe vs abusive debt collection practices

Mar 04, 2018 - 10:24 AM

Senate Grace Poe says debt collectors engaging in unfair practices 'must be punished to put an end to their prevalent abusive behavior'

PROBE SOUGHT. Grace Poe grants Senate reporters an ambush interview. File Photo by Alecs Ongcal/Rappler

[OPINION | Newspoint] The great sellout

Feb 24, 2018 - 2:00 PM

If we think the ultimate danger is native, Marcos-style authoritarianism, we really have not been looking. What we stand to lose this time is not just our freedom, but our sovereignty, our identity, our very soul as a nation

Indian farmer crushed to death as tractor seized over debts

Jan 22, 2018 - 2:53 PM

Police are hunting 5 loan recovery agents who could be charged with murder in a case that highlights the debt crisis faced by the country's farmers

Venezuela 'selective default' declared, govt insists it is paying up

Nov 15, 2017 - 8:06 AM

Standard & Poor's declares Venezuela in 'selective default' after it failed to make $200 million in payments on two global bond issues by the end of a 30-day grace period on November 12

LINING UP FOR CASH. People queue to withdraw money from an ATM in Caracas on November 14, 2017. Federico Parra/AFP

Venezuela's day of reckoning?

Nov 13, 2017 - 10:12 AM

November 13 looks to be a day of reckoning for the OPEC-member nation, bringing with it a tighter squeeze on its beleaguered President Nicolas Maduro and his socialist government

NICOLAS MADURO. This file photo taken on October 17, 2017 shows Venezuelan President Nicolas Maduro as he holds a sign that reads 'popular victory 54%; we are happiness, we are the majority' after a press conference with international media correspondents at the Miraflores Presidential Palace in Caracas. File photo by Federico Parra/AFP

Default day looms for cash-strapped Venezuela

Nov 10, 2017 - 9:57 AM

President Nicolas Maduro's government must repay at least $81 million on another PDVSA bond by this weekend, at least $1.47 billion interest on various bonds by the end of the year, and then about $8 billion in 2018

VENEZUELA'S BOLIVAR. A man shows a new one hundred thousand-Bolivar-note in Caracas on November 9, 2017. Photo by Federico Parra/AFP

The hanging fate of OFWs buried in debt

Oct 20, 2017 - 10:01 PM

The burden of reporting illegal recruitment falls on workers. But with little to no legal recourse, what comes next?

Foreign direct investments in PH drop to one-year low in July

Oct 10, 2017 - 6:40 PM

(UPDATED) Despite the drop, the economic team of President Rodrigo Duterte says foreign investors remain confident to do business in the Philippines

How OFWs can avoid getting buried in debt

Oct 03, 2017 - 7:49 PM

For migrant workers, failing to pay off loans can mean jail time and loss of income

'Buwan at Baril' returns onstage at PETA Theater Center

Sep 24, 2017 - 9:50 PM

The Freedom from Debt Coalition and Sugid Productions announce a rerun of the play by Chris Millado

S&P cuts China's debt rating over 'financial risks'

Sep 21, 2017 - 5:25 PM

S&P, which downgraded China's debt from AA- to A+, is the second major credit ratings agency to slash the Asian giant's rating

This photo taken on April 25, 2017 shows a general view of the central business district in Beijing. Nicolas Asfouri/AFP

PH external debt drops by 1.8% to $72.5 billion in Q2 2017

Sep 17, 2017 - 9:20 PM

The end-June 2017 level is also down by $5.2 billion from the same time last year

FDI net inflows down 61.1% to $874M in April

Jul 10, 2017 - 6:00 PM

The net inflows total 2 4 billion for January to April this year down 32 compared to the 3 6 billion in the same period a year ago

Devanadera cleared in P6-B graft case due to Ombudsman delay

May 17, 2017 - 3:38 PM

The dismissal of the case against the Arroyo time chief government corporate counsel adds to the list of cases dismissed by the anti graft court for probe delays

CLEARED. Former government counsel Agnes Devanadera escapes arraignment on April 20, 2017 due to her urgent motion to quash. She is cleared a little more than a month later. Photo by Lian Buan/Rappler

Duterte, Sison, cyberattack | Midday wRap

May 15, 2017 - 12:27 PM

Watch the midday newscast with David Lozada

Greece, creditors look to debt relief after provisional fiscal deal

May 02, 2017 - 12:39 PM

3rd UPDATE Greece reaches a preliminary deal with its creditors that should pave the way for long awaited debt relief talks the Greek finance minister says

A woman stands by European Union and Greek flags in central Athens on April 21, 2017. Louisa Gouliamaki/AFP

Devanadera also uses 'delay' doctrine in bid to drop P6B graft case

Apr 21, 2017 - 11:30 AM

The urgent motion of former government counsel Agnes Devanadera prompts a Sandiganbayan justice to quip: Are you a Johnny come lately?

Fitch affirms PH investment grade rating at BBB-

Mar 30, 2017 - 2:10 PM

The rating comes with a positive outlook that indicates an upward trend for credit ratings over a one to two year period