The Philippine government’s total outstanding debt went up to P11.166 trillion ($22 billion) in June, 23.3% higher than in the same period a year ago, as the country borrowed more to fund COVID-19 expenses.

The Bureau of the Treasury said on Thursday, July 29, that total borrowings went up by 0.9% or P94.9 billion more compared to the end-May level.

Of the total debt stock, 28.9% were sourced externally, while 71.1% are domestic borrowings.

Total debt from domestic sources amounted to P7.9 trillion, which is P22.8 billion or 0.3% higher compared to the end-May level, as a result of the net issuance of government securities.

External debt climbed by 2.3% to P3.2 trillion, as the Philippine peso depreciated against the US dollar and foreign loans amounted to P25.5 billion. – Rappler.com

$1 = P50.31