SUMMARY
This is AI generated summarization, which may have errors. For context, always refer to the full article.
MANILA, Philippines – Each of the 94 million Filipinos theoretically owed P57,063 in May as the national government’s outstanding debt hit P5.364 trillion during the month, up 4.2% from the previous year.
Of the amount, domestic debt – mainly government bills and bonds – reached P3.461 trillion, 13.9% higher than the year-ago level of P3.038 trillion, Bureau of Treasury data showed Thursday, July 18.
On the other hand, foreign debt totaled P1.903 trillion, down 9.8% from P2.109 trillion.
In May 2012, the debt stock stood at P5.147 trillion.
The Aquino administration has been trying to cut the country’s foreign debt to protect the economy from foreign exchange fluctuations and global financial shocks.
The outstanding guaranteed debt of the national government – composed of guarantees it issued on borrowings of state agencies and financial institutions – declined to P479 billion in May from P559 billion the previous year. – Rappler.com
Add a comment
How does this make you feel?
There are no comments yet. Add your comment to start the conversation.