MANILA, Philippines—With more domestic borrowings to finance the prolonged fight against COVID-19, the national government’s outstanding debt climbed to a new high of P11.07 trillion as of end-May.
The latest Bureau of the Treasury data released Monday (July 5) showed outstanding obligations as of last month breached the P11-trillion mark for the first time after inching up by 0.7 percent from P10.99 trillion in April and climbing 24.5 percent from P8.89 trillion in 2020.
In a statement, the Treasury said locally sourced debt, which accounted for 71.5 percent of total, rose 1.3 percent month-on-month and jumped 31.2 percent year-on-year to P7.92 trillion mainly due to the sale of…
Keep on reading: PH debt hits new high of P11.07 trillion in May