The Philippine government’s debt jumped to a new record high of P13.75 trillion in February, according to the Bureau of the Treasury (BTr) on Thursday, March 30.
The BTr attributed the increase to the “net issuance of domestic securities.”
In January, the outstanding debt was P13.7 trillion.
The BTr said 68.7% of the debt stock was sourced domestically, while 31.3% was sourced externally.
The national government’s domestic debt amounted to P9.44 trillion, or P57.22 billion, or 0.6% higher compared to the end of January.
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Meanwhile, the external debt reached P4.31 trillion, or P2.96 billion, or 0.1% lower than the previous month due to the P21.15 billion net repayment of foreign loans and the P32.32 billion impact of third-currency adjustments against the US dollar.
The government wants to lower the debt-to-GDP ratio to less than 60% by 2025, further reduce it to 51.1% by 2028, and bring the budget deficit down to 3% of GDP by that same year.
