WASHINGTON, United States -- The United States staved off a credit default Thursday that would have sent the global economy into a tailspin as Washington's warring political factions agreed to a stop-gap fix to raise the nation's debt limit. US Senate Majority Leader Chuck Schumer announced a...
The Duterte administration has substantially reduced new financing last August, taking up only about a fifth of the amount it borrowed from a year earlier, data from the Bureau of the Treasury showed. Gross borrowings only reached P117.74 billion in August which was 81 percent lower or by P495...
The nation government’s debt stock advanced at a much slower pace in August as debt repayments to foreign creditors softened the increase in domestic borrowings, data from the Bureau of the Treasury showed. The national government's outstanding obligations reached P11.642 trillion as of August...
Benchmark interest rates resumed their slide as the local debt market remains very liquid despite concerns on inflation, the Bureau of the Treasury said. At Monday's auction, Sept. 27, the 91-day Treasury bill rate, which banks use in pricing their loans, went down to 1.060 percent from 1.070...
President Duterte’s chief economic manager bucked the legislative proposals seeking to set a statutory debt limit and create the government’s committee in charge of fiscal discipline. Finance Secretary Carlos G. Dominguez During the House ways and means committee hearing on Monday, Sept.6,...
Malacañang has underscored the importance of keeping the financially beleaguered Philippine Airlines (PAL) "in the air" amid the coronavirus disease (COVID-19) pandemic. (Photo from PAL Facebook page) Presidential Spokesperson Harry Roque said in a virtual press briefing Monday, Sept. 6 that the...
Government programs that sought to address the 2019 coronavirus disease (COVID-19) pandemic ‘contributed greatly to the net increase” of P472.572 billion in the country’s external debt in 2020, the Commission on Audit (COA) has revealed. COVID 19 tests In its 2020 Consolidated Audit Report on...
A Philippine-based climate justice advocacy group on Friday urged the governments of the United States, China and Japan to immediately end public and private funding for overseas coal projects and other fossil fuels. Asian Peoples’ Movement on Debt and Development (APMDD) The US, Japan, and China...
Government debt snowballed to a record high of P11.61 trillion as of July this year. Peso bills Based on the Bureau of the Treasury’s report on Tuesday, Aug. 31, the public debt increased 26.7 percent from P9.164 trillion in the same month last year, or an addition of P2.446 trillion in the past...
The national government plans to spend more than P1 trillion to settle some of its liabilities next year, but at the same time borrow over P2 trillion, data from the Department of Budget and Management (DBM) revealed. Under the proposed budget plan for 2022 submitted to Congress, the national...
Senate Minority Leader Franklin Drilon has urged state economic managers to reconsider allocating huge funds for the security sector for next year amid the “skyrocketing” national debt and a growing budget deficit. Drilon said he is dismayed at the negative growth in the social services sector...
Government debt inched up anew in June this year due to higher borrowings from foreign creditors. Data from the Bureau of the Treasury showed that the national government’s outstanding debt stock stood at P11.166 trillion as of June, up by P94.9 billion from P11.071 trillion in the previous...
