The Philippines' sovereign debt continued to accumulate with the total outstanding balance reaching a new record high as of end-February this year, as the government issued more securities to prop up state coffers.Data released by the Bureau of the Treasury showed that the national government's debt stock reached P15.18 trillion, up 2.63% from P14.8 trillion as of end-January.
The peso's appreciation trimmed P660 million from the domestic debt through downward revaluation of foreign currency denominated domestic debt, according to the BTr, noting that the peso appreciated against the US dollar to P56.174:$1 as of end-February from P56.403:$1 as of end-January.In an emailed commentary, Rizal Commercial Banking Corp. chief economist Michael Ricafort said the increase in the total outstanding debt was "widely expected" after the P584.