government debt

Gov’t debt breaches P10 trillion in October 2020

Ralf Rivas
The Philippines, so far, has borrowed P2.3 trillion this year, 29.7% more than 2019

The Philippine government’s total outstanding debt breached the P10-trillion mark in end-October, as the Duterte administration borrows to fund the pandemic response.

The Bureau of the Treasury on Friday, December 4, said that the total debt stock in October grew by P658.81 billion or 7% more from its end-September level due to external and domestic loan availments.

Of the total outstanding debt stock, 28.4% was sourced externally while 71.6% is domestic debt.

Domestic debt amounted to P7.08 trillion, 9.9% more than end-September due to short-term borrowings from the Bangko Sentral ng Pilipinas and issuance of government securities.

To date, domestic debt went up by P1.95 trillion, 38% higher since the start of the year.

Meanwhile, loans sourced externally in October grew 0.7% to P2.95 trillion, P19.8 billion more than September.

Minus debt payments, the Philippines, so far, incurred P2.3 trillion in debt, 29.7% more than 2019. – Rappler.com

Ralf Rivas

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