Philippine debt hits P7.8 trillion in July

ABS-CBN News

Posted at Sep 03 2019 10:09 PM

MANILA—The Philippines' debt stood at P7.8 trillion at the end of July, 10.8 percent higher than the same month last year, the Bureau of Treasury said Tuesday. 

The country's debt was also 7 percent higher than at the end of 2018. 

On a monthly basis, the national debt was lower by P64.58 billion or 0.8 percent in July than in June as the peso strengthened against the dollar, and the government paid domestic obligations. 

About two-thirds of the total debt stock was owed to domestic lenders, with the remaining third sourced from foreign creditors. 

The government has said that it would increase borrowings to finance its ambitious infrastructure push.