government debt

Philippine debt climbs to P11.166 trillion in June 2021

Ralf Rivas
Philippine debt climbs to P11.166 trillion in June 2021

BUSINESS HUB. Ortigas Center in Pasig City.

Michelle Abad/Rappler

The Philippine government's total debt in June 2021 is 23.3% higher compared to a year ago

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

Ralf Rivas

A sociologist by heart, a journalist by profession. Ralf is Rappler's business reporter, covering macroeconomy, government finance, companies, and agriculture.