PH debt hits record P12.03T in January

The national government's outstanding debt hit a record high of P12.03 trillion at the end of January 2022.

Domestic borrowings and provisional advances from the Bangko Sentral ng Pilipinas contributed to this increase, with domestic debt accounting for about 70% of the total.

The debt rose by 2.6% from December 2021, reflecting higher local and foreign net borrowings at the start of the year.

External debt also increased due to peso depreciation against the dollar.

Repaying this accumulated debt will require higher revenues through proposed tax reforms.