PH debt balloons to P15.35 trillion in May

PH debt balloons to P15.35 trillion in May
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THE country’s borrowings have increased by 2.2 percent in the month of May, totaling P15.35 trillion, the Bureau of the Treasury said Thursday, July 4, 2024.

The treasury department said the National Government’s outstanding debt as of end-May is P330.39 billion higher than end-April.

The increase is attributed to the impact of local currency depreciation in the value of foreign-currency denominated debt.

The peso depreciation against US dollar (USD) stood at P58.524 as of the end of last month from P57.583 per USD during the month prior.

Of the total outstanding debt, 31.96 percent or P4.90 trillion were external borrowings while 68.04 percent P10.44 were domestic debt.

Internal borrowings is P134.34 billion or 1.3 percent higher in May, which was due to the P131.66 billion net issuance of government securities and P2.86 billion effect of peso depreciation on foreign-currency denominated domestic debt.

“Since the beginning of the year, domestic debt has increased by P424.91 billion or 4.2 percent while [year-on-year] expansion is P854.33 billion or 8.9 percent,” the agency said. (TPM/SunStar Philippines)

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