“The NG’s [national government’s] total debt stock increased by P96.44 billion or 0.7 percent month-over-month, primarily due to the net issuance of domestic securities,” the Treasury said in a statement.
Domestic debt amounted to P9.81 trillion, P109.54 billion or 1.1 percent higher than the end-June 2023 level. Rizal Commercial Banking Corp. chief economist Michael Ricafort said the new record-high outstanding national government debt could be attributed to “wider budget deficit amid higher inflation that also bloated government expenditures, higher interest rates that raised borrowing costs of the government, weaker peso exchange rate vs. the US [dollar] in recent years that raised the peso equivalent of the government’s foreign debts and continued increase in infrastructure spending.
Meanwhile, the Treasury said government guaranteed obligations decreased by P6.34 billion, or 1.7 percent, month-on-month to P363.39 billion as of end-July.
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