The Philippines’ sovereign debt reached P14.51 trillion in November 2023, marking an increase of P27.92 billion compared to the previous month, according to the Bureau of Treasury. This rise can be attributed to the net issuance of domestic securities, as stated by the Treasury.
Of the total debt stock, domestic borrowings accounted for 69.09 percent, while foreign borrowings made up 30.91 percent.
The national government’s domestic debt at the end of November amounted to P10.02 trillion, showing a 1.23 percent increase compared to October. This growth was driven by the net issuance of government securities.
On the other hand, foreign debt stood at P4.48 trillion, reflecting a decrease of P94.15 billion or 2.06 percent from the previous month. However, it is worth noting that foreign debt has increased by P323.8 billion or 7.7 percent since the end of December 2022.
Over the past seven years, the country’s debt has more than doubled as it sought to finance significant infrastructure projects and fund its response to the pandemic. Despite concerns, government economists have reassured that the issue remains manageable.
The Philippines continues to monitor its debt levels while balancing the need for economic development and financial stability.
Source: PhilNews24 | January 4, 2023
