National debt hits P5.213 trillion

Rappler.com

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The total outstanding debt of the national government has reached P5.213 trillion pesos as of September 2012 or about P55,457 each of the 94 million Filipinos. According to the report by the Bureau of Treasury, the rise is due to the increase in domestic not foreign debts as a result of loans due to finance expenditures such as education and public health made to local investors. Domestic debts climbed to P3.184 trillion in September of 2012 from 2.78 trillion the same time last year. Foreign borrowings declined from P2.028 trillion from P2.089 trillion.
The Aquino administration hopes to slash the budget deficit to P279 billion this year or 2.6% of gross domestic product (GDP) and to P241 billion or 2% of GDP in 2013.


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