PH debt rises to new P12.76-T high in April

Metro Manila, June 3 ------ The country's outstanding debt stock hit a fresh all-time high of P12.76 trillion as of end-April, Bureau of the Treasury figures released.

The latest tally — which represents a 16.1% annual growth — surpassed the previous P12.68 trillion record set in March. The Treasury said 70% of total national government loans were sourced locally. Domestic borrowings in April rose 0.8% month-on-month and 14.4% year-on-year. Foreign debt, which accounted for the remaining 30%, also increased 20.4% from April last year. Compared to March 2022, this climbed 0.4%. The government's guaranteed obligations stood at P413.43 billion in April, down 4.9% annually but up 0.6% from the month prior. "The increment in the level of guaranteed debt was due to the net availment of both domestic and external guarantees amounting to P6.16 billion and P0.12 billion, respectively," the bureau said.

The country's debt-to-gross domestic product (GDP) ratio was already at 63.5% as of the first quarter, breaching the international threshold of 60%, with authorities incurring more loans during the COVID-19 pandemic. Bangko Sentral ng Pilipinas Gov. Benjamin Diokno, the incoming finance secretary, earlier said this shouldn't be a cause for concern as long as the economy grows 6-7% on a "sustainable basis."

Source: cnnphilippines.com