PH government debt hits P11.93 trillion in November

ABS-CBN News

Posted at Dec 29 2021 04:57 PM | Updated as of Dec 29 2021 06:02 PM

MANILA - The Philippine government’s debt hit P11.93 trillion in November, up P1.8 trillion or 17.7 percent from the same month last year, the Bureau of Treasury said on Wednesday. 

The figure however was slightly lower, by P39.7 billion, compared to October primarily due to the net redemption of domestic securities and favorable foreign exchange rates, Treasury said. 

Since the start of 2021, the country has added nearly P2.14 trillion to its debt, Treasury data showed.

Domestic debt amounted to P8.44 trillion in November. Since January this year, domestic debt has increased by P1.75 trillion.

Foreign debt meanwhile totaled P3.49 trillion. From the start of the year, external debt has increased by P390 billion. 

Last week, Treasury also reported that the Philippines’ 2021 budget deficit had rise to P1.3 trillion as of November, surpassing the budget gap registered in the same period last year by P263.2 billion. 

The Philippines has been borrowing heavily to finance its COVID-19 response, as well as its ambitious infrastructure program.

In 5 years and 5 months, the administration of President Rodrigo Duterte has more than doubled the country's debt from P5.95 trillion at the end of June 2016.

Finance Secretary Carlos Dominguez III has said that the government expects to borrow P3 trillion this year, and P2.25 trillion next year. 

Economic managers have said that the country's debt-GDP (gross domestic product) ratio remains sustainable despite the uptick in borrowing. 

The national government's debt-to-GDP ratio is expected to slightly increase to 60 percent next year from the programmed 59 percent ratio in 2021, Dominguez has said. 

 

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