Additional domestic and foreign borrowings plus a weaker peso further hiked the national government’s outstanding debt to a new high of P11.92 trillion in September.
The latest Bureau of the Treasury data on Friday showed end-September outstanding obligations climbed 2.4 percent from P11.64 trillion in August and jumped 27.2 percent from P9.37 trillion a year ago.
A net of P167.45 billion in IOUs were added to the domestic debt pile last month, Treasury data showed. On top of the net of P43.99 billion in foreign loans, which took effect last month, the peso’s depreciation to 50.879:$1 in end-September from 49.762 against the US dollar on August also added P76.82 billion to the national government’s external obligations.The government tried to minimize these foreign exchange risks by borrowing the bulk of its financing requirements from the local debt market, which continued to ooze with cash despite the prolonged COVID-19 pandemic.
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