The total debt stock as of end-October this year was largely composed of local borrowings at 68.58% while the remaining 31.42% was sourced externally. Read the details here:
The Philippine government’s running debt ballooned to a fresh record high as of end-October this year amid continued state borrowing to support its fiscal requirements, data from the Bureau of the Treasury on Wednesday showed.
Sought for comment, Rizal Commercial Banking Corp. chief economist Michael Ricafort said the increase in debt level reflected the $2 billion global bond issuance of the national government that was added to the outstanding national government stock for the month of October. The local debt during the period grew by 0.59% or P54.58 billion from P9.3 trillion as of end-September.
The increment in the external debt was due to the P118.71 billion net availment of foreign financing, according to the Treasury. As of the third quarter of the year, the country’s debt-to-gross domestic product ratio — the amount of the state’s debt relative to the size of the economy — stood at a fresh, the highest since 2005 when it hit 65.7%, and well above the internationally recommended threshold of 60%.
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