National government debt: How much each Filipino owes in 2020


Posted at Jul 30 2020 01:22 AM

National government debt: How much each Filipino owes in 2020 1
Aldan Capas places his 8-month old child on a makeshift hammock at the Rizal Memorial Sports Complex in Manila City on Monday, as they wait for free transportation under the government’s Hatid Tulong Program that will take them to his home province. Mores Heramis, ABS-CBN News/file

MANILA - The Philippine government's outstanding debt surged to P9.054 trillion in June 2020 amid the government's increased borrowings to finance efforts against the COVID-19 pandemic.

The total number of Filipinos was estimated at 108,771,978 million in 2020, according to the country's latest projected population by the Philippine Statistics Authority.

If all Filipinos, including children, want to pay the government's current outstanding debt, they each owe P83,238.35.

The per capita figure is calculated with the country's national debt divided by the total population.

The Philippine debt rose 16.9 percent in 2020 than the debt stock in the same month last year, according to the Bureau of Treasury.

Treasury data shows that in the first half of the year, the government borrowed a total of P216 billion from the Asian Development Bank, of which P76.27 billion was under the COVID-19 Active Response and Expenditure Support Program or CARES. 

The government also borrowed P85.78 billion from the World Bank during the period, of which P25.23 was under CARES, and another P25.03 billion under the Emergency COVID Response Loan. 

The COVID-19 pandemic and the lockdown imposed by the government to try to curb its spread led to the first contraction of the Philippine economy since 1998. It also pushed the unemployment rate to a record 17.7 percent.