For years, we were told that the Marcos Jr. administration inherited a mountain of debt. True.

When Ferdinand Marcos Jr. took office in 2022, the national government was already carrying roughly ₱12.79 trillion in outstanding debt. But here’s the inconvenient part, the mountain didn’t stop growing after he inherited it. It got bigger. Much bigger.

By May 2026, national government debt had reached ₱18.55 trillion. And the government’s latest projections put it at around ₱21.48 trillion by the end of 2027. That’s roughly ₱8.7 trillion more than the debt level Marcos Jr. inherited. And he still has one more budget year to go after this.

Let that sink in.

The administration didn’t just inherit the debt problem. It is adding a new chapter to it. And here’s where the comparison becomes politically uncomfortable.

Rodrigo Duterte left office with national government debt of roughly ₱12.79 trillion, compared with about ₱6.09 trillion when he assumed office. That’s an increase of approximately ₱6.7 trillion.

Under Marcos Jr., the debt has already risen by roughly ₱5.8 trillion based on actual figures through May 2026. And if the 2027 projection materializes? The increase reaches roughly ₱8.7 trillion.

So much for the argument that today’s debt is simply yesterday’s problem. Apparently, yesterday’s problem came with a sequel. And an even bigger budget.

The proposed ₱7.2-trillion 2027 national budget is itself enormous, while planned government borrowing is expected to remain massive. Borrowing is not inherently evil. Countries borrow. Governments borrow. Economies borrow.

But here’s the question taxpayers deserve to ask—what are we getting in exchange for all this borrowing? Are we getting infrastructure that lasts? Hospitals that work? Schools that are adequate?Flood-control projects that actually control floods? Public services that improve?

Or are we simply getting bigger numbers on spreadsheets while government officials keep explaining why the next trillion is necessary? Because debt doesn’t disappear when an administration leaves Malacañang. It follows the Filipino people. The next administration inherits it. The next generation pays it.

And the politicians who borrowed it? They may already be retired, campaigning, running for another office—or blaming the previous administration. That’s the beautiful thing about political debt.The signature belongs to today’s government. The bill belongs to tomorrow’s taxpayer.

So yes, Marcos Jr. inherited ₱12.79 trillion in debt. But if the government’s own projections are correct, he could leave behind a debt burden approaching ₱21.5 trillion before his presidency is over.

At that point, the question isn’t “Who started the debt?”The question is, “Who made it grow this fast?” And perhaps the most uncomfortable question of all, was every peso borrowed worth the peso—and the interest—that Filipinos will eventually have to pay?

Because ₱21.48 trillion isn’t just a number. It’s a bill. And someone is going to receive it.