Government outstanding debt rises by P99.44B to P14.24T in July

The Philippines’ outstanding national government debt increased further in July, rising by P96.44 billion to P14.24 trillion.

The National Treasury traced the increase to the net issuance of domestic securities. Around 68.9 percent of total debt, or P9.81 trillion, were borrowed domestically and the balance from external sources.

As a percentage of gross domestic product, total government debt eased to 61 percent from 62.1 percent a year ago on account of the economy’s continued to recover from the adverse effects of COVID-19 and the war in Ukraine.

The increase in the domestic portfolio was attributed to the P110.39 net issuance of government bonds driven by the government’s financing requirements, offsetting the P0.85 billion effect of local currency appreciation against the US dollar on onshore foreign currency-denominated securities.

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