BTr Speaks on PH Government Debt due to Peso Weakening against Foreign Currencies
PH GOVERNMENT DEBT – The Bureau of Treasury (BTr) said the Philippine government debt has reached the P13 trillion mark.
One of the important information that many Filipinos monitor or usually never fails to hook the attention of the people is regarding the debt of the national government of the Philippines. On a sad note, it took an increasing slope for several years now.
In March last year, the Philippine government debt has reached the P13 trillion mark and it alarmed countless Filipinos. Back in 2019, the debt of the national government was at P7.8 trillion.
Back in as early as 2013, the PH government debt was at P5.6 trillion. However, recently, the Bureau of Treasury (BTr) released an information into a new record-high debt of the Philippine national government.
Based on a report on Inquirer, the Bureau of Treasury (BTr) revealed that the PH government debt has reached the P16-trillion mark in October. According to the government agency, the country’s debt is equivalent to around 60.3% of the local economy.
Since the start of the year 2024, the PH government debts has increased by 9.6% or P1.4 trillion until October. According to the Bureau of Treasury, the depreciation of the Philippine Peso against the United States Dollars has affected the country and pulled the national government’s debt up.
Based on the report, the Bureau of Treasury (BTr) said that the weakening of the Philippine Peso increased the PH government debts by P193 billion. Out of the P16-trillion national government debt, the domestic debt stock decreased by 0.4% to P10.89 trillion. The PH government reportedly paid P52.65 billion more than it borrowed from local creditors.
With regards to the onshore obligations of the Philippine government, they have increased by 8.7% or P871.91 billion.