PH debt hits record P8.891T in May

The Philippines' outstanding government debt reached a record high of P8.891 trillion in May due to increased borrowing for COVID-19 response efforts.

This represents a 3.4% increase from April's P8.6 trillion and a 12.3% rise compared to the same period last year.

The Treasury attributed this surge to higher reliance on government securities issuance and external loans amid a significant decline in revenue collections, which fell by 52.25% year-over-year in May.