THE national government's outstanding debt ballooned to a new record high of P15.35 trillion in May as the peso weakened, the Bureau of the Treasury reported on Thursday.'Total debt increased by P330.39 billion, or 2.2 percent, from the end-April 2024 level, primarily due to the impact of local currency depreciation on the valuation of foreign currency-denominated debt,' the Treasury said in a statement.Outstanding debt was P15.02 trillion in April. The previous peak of P15.
58 to the greenback on Thursday.'Since the beginning of the year, domestic debt has increased by P424.91 billion, or 4.2 percent, while YoY expansion is P854.33 billion, or 8.9 percent,' the Treasury said.External debt, meanwhile, totaled P4.90 trillion, 4.2 percent or P196.04 billion higher month on month.The increase was said to be mainly due net foreign loan availments of P122.04 billion and an upward revaluation of P76.94 billion in dollar-denominated debt.
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Weak peso pushes Philippines debt to P15.3 trillionThe 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.
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