Weaker peso drives up gov’t debt to P6.8T in February
Outstanding debt went up in February to reflect foreign exchange adjustments.
Total debts held by the Philippine government reached P6.82 trillion as of end-February, the Bureau of the Treasury said. The amount spelled a P94.57-billion increase from January, driven up by a continued peso depreciation.
Domestic debt reached P4.43 trillion to account for 65% of the total, slightly lower from the previous month as some debt papers have been redeemed.
Meanwhile, external debt went up by 4.2 percent to P2.39 trillion.
“The growth in external debt was driven by net availments on foreign loans and bond issuance as well as forex fluctuations,” the Treasury said, noting that the peso traded between P50-P52 against the dollar that month.
Still, some P503.68 billion has been set aside as guaranteed obligations for the country to pay its dues on schedule.