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Manila Bulletin devider Philippines devider National devider Filipinos now owe P9.1 trillion and counting

Filipinos now owe P9.1 trillion and counting

Published Sep 2, 2020 06:35 pm

The national government's debt increased by P110.1 billion last month, bringing the total obligations of all Filipinos to P9.164 trillion as of July this year, data from the Bureau of the Treasury showed.

(JANSEN ROMERO / FILE PHOTO / MANILA BULLETIN)

As the Duterte administration continues to borrow amid the coronavirus pandemic, the national government’s outstanding debt further inched up in July from P9.054 trillion in June and rose by 17 percent year-on-year from P7.804 trillion.

According to the Treasury, the government debt has already added P1.432 trillion since the start of the year, reflecting an 18.5 percent increase.

Of the total outstanding debt stock, 68.3 percent are held by locally based financial institutions, while the remaining 31.7 percent were sourced from foreign creditors.

At end-July, local debt amounted to P6.256 trillion, higher by 19 percent compared with P5.25 trillion last year.

On the other hand, foreign debt stock rose by 14 percent to P2.907 trillion in July from P2.553 trillion in the same month in 2019.

In 2020, the Duterte administration expects the outstanding debt will hit more than P10 trillion.

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