RECORD HIGH P15.8 TRILLION PHILIPPINE’S DEBT

Record high debt of the country (Photo courtesy of Jovannie Lambayan/Philippine Star)

As the government issued more securities to support state coffers, the Philippines' sovereign debt continued to mount, with the total outstanding sum hitting a new record high as of the end of February this year.

Philippine debt climbed to P15.18 trillion as of the end of February, according to the bureau of treasury, which is higher than the P14.79 trillion or up to 2.63% Philippine debt in January. The domestic debt was recorded at P10.58 trillion while the external debt was P4.60 trillion.

The Treasury said that domestic debt issuances were the cause of the country's debt pile's monthly increase, "though partially tempered by the effect of the stronger peso on foreign debt valuation."

The borrowing program for 2024 was set at P2.46 trillion, according to the data from the Department of Budget and Management (DBM), which is more than the P2.207 trillion from the previous year.

NEDA head Arsenio Balisacan said that the Development Budget Coordination Committee (DBCC) proposes a P6.2 trillion national budget for 2025. 

“The budget shall support the Marcos administration’s Build Better More Program to stay on course and maintain infrastructure spending between five to six percent of GDP from 2024 to 2028,” Balisacan said.

According to a release by the DBCC, the planned P6.2 trillion 2025 national budget is higher by 7.5% from the 2024 national budget and equal to 21.4% of GDP.

Source: GMA Integrated News

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