National government debt inches up to P7.043 trillion in end-July
MANILA, Philippines — The Philippine government’s outstanding debt ballooned in end-July, the Bureau of the Treasury reported Friday.
The government’s debt rose 0.4 percent or P27.4 billion to P7.043 trillion in July from the previous month's level “due to net availments on both domestic and foreign obligations,” the BTr said.
Of the total debt stock, 34.68 percent were sourced from foreign creditors while 65.32 percent were borrowed domestically.
Broken down, local debt inched up 0.5 percent or P21.45 billion to P4.60 trillion due to higher issuances of debt papers that was slightly tempered by the stronger peso.
On the other hand, external debt jumped 0.20 percent or P5.94 billion to P2.44 trillion on the back of heightened foreign borrowing
The government borrows from local and foreign sources to fund its budget deficit, which for this year is capped at 3 percent of the country’s gross domestic product. — Ian Nicolas Cigaral
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