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MANILA – The Philippines’ debt reached P9.16 trillion at the end of July, the Treasury Office said on Wednesday.
This was higher at P1.36 billion or 17.4 percent compared to the same month last year, and P1.43 billion or 18.5 percent higher than at the end of December 2019.
The Treasury said the total stock of debt for the month increased by 110.09 billion pesos from its level at the end of June 2020, as the government continued to borrow from domestic and foreign creditors to finance its response to the COVID pandemic. -19.
Of the total outstanding debt, 31.7 percent was foreign debt, while 68.3 percent was domestic debt.
Since the beginning of the year, the domestic debt of the national government has increased by P1.12 trillion, while the external debt increased by P303.9 billion.
Treasury data showed that in the first 7 months of the year, the government borrowed a total of P157 billion from the Asian Development Bank, of which P76.27 billion corresponded to the COVID- Active Response and Spending Support Program. 19 or CARES.
The government also borrowed P85.78 billion from the World Bank and P37.13 billion from the Asian Infrastructure Investment Bank of China.
The Philippine economy contracted a record 16.5 percent in the second quarter, plunging the country into a recession, following one of the longest and strictest lockdowns in the world to slow the spread of COVID-19.
An independent survey also showed that adult unemployment reached a record 45.5 percent in July.
Official unemployment statistics will be released on Thursday, September 3.
Despite the country’s record debt, the government’s economic administrators have said that the country’s debt situation remains manageable.
national debt, external debt, domestic debt, economy, Treasury, response to a pandemic
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