Philippine government's debt hits P11.071 trillion in May

ABS-CBN News

Posted at Jul 05 2021 03:32 PM

Philippine government's debt hits P11.071 trillion in May 1
The Makati skyline looms behind a slum area in Pasay City on January 28, 2021. Mark Demayo, ABS-CBN News

MANILA – The Philippine government's total outstanding debt stood at P11.071 trillion at the end of May, the Bureau of Treasury said on Monday. 

This was higher by P79.81 billion or 0.73 percent compared to total debt at the end of April. 

The total debt would have been higher if not for the peso's performance from April to May, as the local currency appreciated against the US dollar from P48.156 as of end-April 2021 to P47.723 as of end-May 2021, Treasury said. 

Of the total debt stock, 28.5 percent were foreign borrowings while 71.5 percent were domestic borrowings.

The country's domestic debt reached P7.9 trillion in May, which was P103.37 billion or 1.3 percent higher compared to the end of April.

Foreign debt meanwhile decreased by P23.56 billion to P3.155 trillion due to the P28.58 billion impact of local-currency appreciation against the US Dollar and the net repayment of foreign loans amounting to P0.22 billion. 

The Philippines has been borrowing heavily to finance its COVID-19 response as well as the Duterte administration's ambitious infrastructure program. 

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