Philippine debt hits new high at P11.61T in July

The Philippines' total government debt reached a new high of P11.61 trillion at the end of July 2021.

This represents a 4% increase from June, primarily due to peso depreciation and higher borrowing from both domestic and foreign sources.

Domestic debt alone rose by 2.3% month-on-month to P8.12 trillion, while total debt increased by 26.7% compared to July 2020.

Since the start of 2021, government debt has grown by P1.82 trillion or 18.53%, with a mix of domestic and foreign borrowings contributing to this rise.