When I was in sixth grade, I remember students from UP coming to speak with us on the issue of the Philippine debt. At the time, they said the sum was one trillion pesos. To a twelve year-old, that amount was unimaginable.
This last quarter, Philippine debt hit P4.338 trillion. This is an all-time high. The number is expected to increase next year. Each Filipino owes about P47,000+ to creditors. Each Filipino incurred this debt without so much as a by-your-leave from government. This simply means that the incumbent's choices in economic managers (those charged with budget and finance, banking and fiscal policies, NEDA, government financial institutions) are crucial because they make big decisions with long-term effects and work largely away from the public gaze. We don't get to vet who they are. Their assignations are entirely up to the caprice of the Executive.
See the history of Philippine debt from 1995 here.
Third World Financial Crises
Dependency, Debt and the End of Resistance
World and Philippine Debt Figures