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Philippines
Thursday, March 28, 2024

Government debt rose P640 billion to hit P7.292 trillion in 2018

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The national government’s outstanding debt jumped 9.6 percent or P640 billion last year to reach P7.292 trillion as of end-December, the Bureau of the Treasury said Tuesday.

Data showed that on a month-on-month basis, the debt increased 1.35 percent or P97.48 billion from the end-November 2018 level. Of the total debt stock, 34.50 percent were sourced externally while 65.50 percent were borrowed onshore.

The Treasury said despite the rising debt value in absolute terms, the country’s capacity to settle that debt improved.

“The debt-to-GDP ratio continued its downward trend at 41.9 percent from 42.1 percent a year ago and lower than the program of 42.1 percent. The lower debt-to-GDP ratio is due to the moderate increment in debt as a result of prudent cash and debt management and steady economic growth,” the Treasury said.

Domestic debt amounted to P4.776 trillion in December, 1.5 percent or P68.87 billion higher than the end-November 2018 level.  External debt grew 1.2 percent or P28.61 billion to P2.515 trillion over the previous month’s level. 

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