PH debt zooms to P10-trillion!

PH debt zooms to P10-trillion!

President Duterte

By Junex Doronio
MANILA — Pity our children’s children for they shall bear the national government’s outstanding debt that spiked to P10.327 trillion as of end-January.

This after the country under the Duterte administration borrowed another P540 billion from the Central Bank to boost its pandemic response, the Bureau of the Treasury (BTr) revealed.

“The level of NG (national government) debt reflects a P532.46-billion increment from the end-December 2020 level predominantly due to the reavailment of the P540-billion short-term loan facility from the BSP (Bangko Sentral ng Pilipinas),” the BTr said in a statement.

In its latest data, the Treasury showed the debt stock increased by 5.4% from P9.795 trillion as of end-December and by 33% from the P7.763 trillion logged in January 2020.

However, the national government’s total foreign debt went down by 3.2% to P3 trillion as of end-January from P3.1 trillion in December after the government repaid some P93.49 billion of foreign loans.

It was learned that in December last year, the government repaid the P540-billion provisional advances from the BSP, only to borrow the same amount again the following month.

Domestic borrowings made up 71% of the P10-trillion debt stock, while the rest was sourced offshore.

The outstanding local debt went up by 9.4% from end-December to P7.326 trillion in January driven by the borrowings from the Bangko Sentral.

Year on year, the domestic debt stock jumped by 43% from P5.124 trillion.

Local government securities issued so far reached P6.785 trillion, up 1.4% month on month and 32.4% higher from its year-ago level of P5.13 trillion. (AI/MTVN)

Leave a Reply