?13.91 trillion debt

The Philippines has a diarrhea-inducing ?13.91 trillion national debt that everybody has become an expert in criticizing but always stopping short of suggesting ways to either pay up or freezing. If only having a big mouth can help gobble up the debt, we would be rid of the burden in no time. But we are all talk. Especially politicians and columnists.

In 1998, just a short 25 years ago to be easily forgotten, a people chose to prove their great love of country by actual deed instead of loud words by collectively stepping into the dire financial situation their country was in. They dipped into their cherished personal belongings and heirlooms and donated them to their government to prevent its collapse.

The year before, deep into the Asian financial crisis, the country of South Korea, not yet the tiger economy that it has become today, was staring into a deep financial abyss. To avert bankruptcy, Seoul managed to secure a 58-trillion-US-dollar loan from the IMF, heretofore the biggest the agency has ever granted.

But this humongous national debt in US dollars, which makes our 13.91 trillion in Philippine pesos puny in comparison, carried with it very strict and stringent conditions like very high interest rates, structural reforms, fiscal austerity. Unemployment quickly tripled consequently. It was very suffocating, to say the least.

What did the beautiful people of South Korea do, God bless them? Instead of making unproductive noise like what most Filipinos are now doing with regard to the national debt, the South Koreans kept their lips sealed but, with fervor burning, dipped into their personal treasuries of gold jewelry and heirlooms and donated them to government.

Even those with great sentimental value like wedding rings and gold medals for excellence in a variety of fields and national honors were not spared in the spontaneous but silent call to duty in the name of country. One can almost cry learning of gold tokens from first birthdays given and athletes handing in championship gold medals.

The sense of national pride and volunteerism netted more than 200 tons of gold in the first few months alone. Given that kind of attitude by a people, no country can ever fail. It should be no wonder then that South Korea is what it is today. And as one of the favorite playgrounds of cash-laden South Koreans, we can only cater and serve them in humility.

And that is why we almost always pale in comparison to others when it comes to national affairs. Because each individual is a national leader unto himself. He assumes every expertise his mouth can vouch. There is no problem he cannot spot and then dissects but without actually doing anything positive and constructive beyond big words.

Why was, for example, Manny Pacquiao so great in the boxing ring? Because he let his fists do the talking. Inside the square arena you do not talk. You do and not try to get done. In politics, Pacquiao is not doing as great. He does not have the gift of gab in the same way he had the gift of boxing gloves.

What is ironic is that even in just talking loudly about our ?13.91 trillion national debt we do not even know what we are talking about or talk about it truthfully and fairly. We politicize the problem when in fact the reason the debt ballooned was because a huge part of it saw us through the pandemic. Even the loudmouths got their mouthful of it.