The Philippine government’s running debt has ballooned to a new record high as of end-April this year, mostly due to the weakening of the peso, which increased the local currency equivalent of foreign obligations during the period, data released by the Bureau of the Treasury (BTr) showed Wednesday.
The Philippine government’s running debt has ballooned to a new record high as of end-April this year, mostly due to the weakening of the peso, which increased the local currency equivalent of foreign obligations during the period, data released by the Bureau of the Treasury showed Wednesday.
Broken down, the bulk, or 68%, government’s total debt stock was sourced locally, while the remaining 32% were foreign borrowings. This, however, was slightly offset by the P2.47 billion effect on onshore foreign currency-denominated securities caused by peso depreciation against the US dollar, according to the BTr.against the US dollar, tracking the P56:$1 level during the period.
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