The Current Government Debt Is At A Staggering Amount Of P7.802 Triliion
PHILIPPINE GOVERNMENT – As of the records of the Bureau of Treasury, the Philippines’ Government debt has amounted to P7.802 trillion by the end of March.
Six years ago, in August 2013, the Philippine Government’s debt was at P5.64 Trillion. Following that year, the amount continuously increased.
By the end of the first quarter months of this year, the recorded amount was 4.7 percent higher than the records in February 2019. Also, it increased by P509 billion since the end of the previous quarter.
The figures recorded of the national debt also displayed a 13.4 percent increase based on a year-over-year comparison considering the government’s debt last year in the same time span was recorded at P6.9 trillion.
The Bureau of Treasury states that ‘higher borrowings’ and ‘currency rate movements’ are the primary actors in the increase.
The Philippine government has to borrow from both local and foreign systems with adequate resources to fill the budget gap.
Looking at the records as of this March, the domestic loans of the government was at P5.197 trillion. 6.1 percent higher than the preceding month.
Meanwhile, the external debt of the government amounted to P2.605 trillion. Which is 2 percent higher than the preceding month.
The Philippine peso currency also depreciated in value from 1:P51.769 by the end of February to 1:P52.629 by the end of March.
That is all there is to it, at least for now. We’ll post updates as soon as we got them.
