The continued weakening of the peso against the dollar pushed the country’s debt to a new record high of P15.3 trillion in May, the Bureau of the Treasury said.
MANILA, Philippines — The continued weakening of the peso against the dollar pushed the country’s debt to a new record high of P15.3 trillion in May, the Bureau of the Treasury said.
Jonathan Ravelas, managing director of eManagement for Business and Marketing Services, said the rising debt is starting to add to the worry on top of the continued strengthening of the dollar. Ravelas said the debt level could reach P16.18 trillion by yearend even with rate cuts being penciled in by global and local monetary authorities over the coming months.
The Treasury said this was attributed to the P122.04 billion in net foreign loan availment and P76.94 billion in upward revaluation of dollar-denominated debt.Further, the government’s guaranteed obligations went down by 1.6 percent to P350.2 billion due to the net repayment on both domestic and external guarantees worth P4.36 billion and P3.55 billion, respectively.
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