The Philippines' national government debt reached a new record high of P16.09 trillion in November due to net financing and the impact of local currency depreciation on foreign-currency-denominated debt. The increase was attributed to both domestic and foreign borrowing, with the peso's weakening value significantly contributing to the rise in the valuation of US dollar-denominated debt.
A WEAKER peso was again tagged by the Treasury as the national government's outstanding debt climbed to a new record high of P16.09 trillion in November.A total of P70.7 billion was added to the debt tally from October's P16.02 trillion, and the count was also P1.58 trillion higher than the year-earlier P14.51 trillion.
97 billion, from 2023's P4.6 trillion and 15.3 percent, or P684.99 billion, compared to the year-earlier P4.48 trillion.'The significant depreciation of the peso led to a P35.61-billion escalation in the local valuation of US dollar-denominated debt while net foreign loan availments added P8.33 billion,' the Treasury said of the rise in foreign debt.'Meanwhile, favorable third-currency movements relative to the US dollar reduced external debt by P5.06 billion,' it added.
National Debt Philippines Peso Depreciation Treasury Foreign Borrowing
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