By Junex Doronio
MANILA — Seemingly sinking in the quicksand of indebtedness, the Philippines’ sovereign debt ballooned to a new record high of P14.51 trillion as of the end of November 2023 as the government increased its local borrowings.
In January last year, economists already noted that with the country’s outstanding debt of P13.7 trillion, every Filipino, including the newly born, owes at least P118,000.
Now, one can only imagine how much every Filipino is now saddled with debts, not of his or her choosing.
According to the data released by the Bureau of the Treasury (BOTr) on Wednesday (January 3), it showed that the national government’s running debt balance as of end-November last year stood at P14.51 trillion, up 0.19% from P14.48 trillion seen as of end-October 2023.
The BOTr said the month-on-month increment in the government debt stock was “primarily due to the net issuance of domestic securities.”
To recall, economist Winnie Monsod last year expressed apprehension over the Philippines’ debt-to-GDP ratio at 64-65 percent.
“Hindi nakakabahala pero ‘yung rule of thumb is the debt of the country should not be more than 60 percent. ‘Yun bang for safety, it should not be more than 60 percent. When it is more than 60 percent, medyo tumitingin-tingin na tayo,” she said.
(El Amigo/MNM)