Philippine debt load climbed to P17.56T in October on weak peso

MANILA, Philippines, December 3 ------ The national government’s debt load climbed to P17.56 trillion in October, propelled by the peso’s weakening against the US dollar, latest data from the Bureau of the Treasury (BTr) show.

The debt stock was P106.78 billion more than the previous month, or 0.61 percent higher. This comes with the peso’s continued depreciation, which hit one of its lowest levels last Oct. 28, closing at 59.13 to the dollar amid the flood control corruption controversy. “The expansion was driven by net issuances of domestic and external liabilities, as well as due to the upward revaluation effects of the weaker peso against the US dollar,” the Treasury said.

Domestic debt, making up roughly 68.6 percent of the total, rose to P12.05 trillion, while external obligations increased to P5.52 trillion, boosted by P58.64 billion from peso depreciation.

Source: inquirer.net