The Philippine government's total outstanding debt reached P16.090 trillion as of November 2024, a 10.9% increase from the same period last year, according to the Bureau of the Treasury (BTr). The rise was attributed to net financing and the impact of the peso's depreciation on foreign-currency-denominated debt.
The Philippine government’s total outstanding debt as of end-November was 10% higher year-on-year, data released by the Bureau of the Treasury on Tuesday showed.Data from the BTr showed that the total outstanding debt stood at P16.090 trillion as of end-November 2024, reflecting a 10.9% increase from the P14.508 trillion as of end-November 2023. It is also 0.4% higher than the P16.020 trillion as of end-October 2024.
15-billion impact of the peso depreciation on US dollar-denominated debt.The external debt was recorded at P5.169 trillion, up by 15.3% from P4.484 trillion the previous year, and 0.8% higher than the P5.130 trillion as of end-October.“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 BTr said.
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