The Philippines sold $2.75 billion during its latest issuance of US dollar-denominated debt paper offshore, the Department of Finance (DOF) said on Thursday.
This developed as the United Nations Economic and Social Commission for Asia and the Pacific (Unescap) said the share of the Philippines’ debt to the economy would climb by over 20 percentage points (ppts) compared to prepandemic levels in the next five years given the increasing borrowings to fight COVID-19.
In a report titled “An assessment of fiscal space for COVID-19 response and recovery in Asia-Pacific developing countries,” Unescap projected an above 10-ppt climb in the Philippines’ government debt-to-gross domestic pro…
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