PHL debt at record P14.1 trillion – Treasury

By Sean Rafio

The country’s outstanding debt hit a record P14.1 trillion at the end of May, the Bureau of Treasury said on Tuesday.

Latest data from the Bureau of the Treasury showed the country’s debt grew by P185.4 billion or 1.3 percent from the previous month as the Philippines borrowed more, and as peso weakened against the US dollar.

President Ferdinand Marcos Jr.’s government has added roughly P1.31 trillion to the country’s debt in less than a year since taking office.

Most of the debt stock, 68%, was sourced domestically, while 32% came from external borrowings.

Domestic debt amounted to P9.59 trillion, P130.67 billion or 1.4 percent higher compared to the end-April 2023 level.

“Moreover, the impact of peso depreciation against the US dollar padded the value of onshore foreign currency-denominated securities by P1.56 billion,” Treasury said.

Foreign debt rose to P4.51 trillion, which is P54.73 billion or 1.2 percent higher from end-April.

“External debt was mainly driven by the net availment of external loans amounting to P10.05 billion and the impact of local-currency depreciation against the US dollar amounting to P59.7 billion,” the Treasury said.

Finally, foreign debt has increased by P297.56 billion or 7.1 percent since the start of the year.