Philippines' debt rises to P8.6 trillion in April

ABS-CBN News

Posted at Jun 03 2020 05:52 PM

MANILA – The Philippines’ debt hit P8.6 trillion as of the end of April this year, the Bureau of the Treasury reported on Tuesday. 

This was 10.4 percent higher than the P7.787 trillion debt posted in the same month last year, and 1.5 percent higher than the P8.477 trillion posted in March.

Treasury added that from January to April, the national government’s debt has risen 11.2 percent or P869 billion. 

Of the total outstanding debt stock, 33 percent or P2.737 trillion was sourced externally while 67 percent or P5.863 trillion was borrowed from domestic creditors. 

Since the start of the year, domestic debt has increased by P735.92 billion or 14.4 percent as a result of net debt issuance and the short-term borrowing from Bangko Sentral ng Pilipinas, Treasury said. 

The country’s foreign debt, meanwhile, has increased by P133 billion or 5.1 percent since the start of the year. 

“For April, net availment of external loans amounted to P87.34 billion as part of the government’s effort to raise concessional financing to address the 2019 coronavirus disease (COVID-19) pandemic,” Treasury said.

The government has said that it intends to boost spending this year to stimulate the economy which is expected to shrink because of the COVID-19 crisis.