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PHL debt nears P9 trillion in May
The national government's outstanding debt reached a new high of P8.891 trillion in May due to increased foreign and domestic borrowings to fund the COVID-19 response.
This represents a 3.4% increase from the previous month and a 12.3% increase from the same period last year.
The rise in debt was attributed to greater reliance on government securities and external loan availments, coupled with a significant drop in revenue collections.
Domestic debt amounted to P6.03 trillion, making up 68% of the total debt, while foreign debt reached P2.9 trillion, boosted by new loan availments and currency depreciation.
As of June 11, the Philippine government has raised a total of $6.4 billion from loans extended by the World Bank, AIIB, and ADB, as well as global bonds.
The Department of Finance plans to raise around P436 billion in foreign loans to support COVID-19 response and recovery efforts.
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The Philippines' gross borrowings from January to April reached P1.22 trillion, surpassing the total for the entire year of 2019 due to the COVID-19 pandemic.
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The Philippine government is aiming to raise P436 billion or approximately $8.72 billion in foreign loans for its COVID-19 response and economic recovery efforts.
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