The Philippine government’s debt climbed further to P11.6 trillion as of end-July, as the country borrowed more to fund programs amid falling revenues.

The latest figure reported by the Bureau of the Treasury is 4% higher than the end-June level, mainly due to the peso’s depreciation and both domestic and external debt.

Since the start of 2021, total debt has grown 18.5% or by P1.8 trillion.

External debt increased 8.2% to P263.4 billion, as the government borrowed from foreign sources and issued dollar-denominated bonds. 

Domestic debt amounted to P8.1 trillion, 2.3% more compared to the end-June level, as a result of the government issuing securities.

The Philippines is set to borrow P3.07 trillion in 2021. – Rappler.com