MANILA – The government’s debt has ballooned to approximately P7.16 trillion as of September, over half a trillion pesos more than when President Rodrigo Duterte took office in 2016, official data showed.
According to the Bureau of Treasury (BOT), the national government debt as of September was P7.159 trillion, or P55.92 billion more than in August.
Domestic debt was at P4.587 trillion, while foreign debt was at P2.572 trillion.
The volatile foreign exchange rate continues to affect government debt figures, increasing the amount of domestic debt by P14.85 billion.
“For the month, the increase in domestic debt was due to the net issuance of government securities amounting to P14.54 billion and the depreciation of the peso that increased the value of onshore dollar bonds by P0.31 billion,” the BOT said in a statement.
It noted that the peso depreciated to P54.10 versus the dollar as of end September.
On the external front, the Philippines borrowed an additional P22.52 billion while the depreciation of the peso had an additional impact of P29.68 billion.
“This was slightly offset by the net depreciation of third-currency denominated debt amounting to P11.13 billion,” the BOT said.
National government debt was at P6.603 trillion by the end of 2016, when Duterte assumed office.
It was at P5.267 trillion in 2010, when former president Benigno Aquino III was elected, and at P4.645 trillion when former president Gloria Macapagal Arroyo was elected for a second term in 2004. (CNN Philippines)
