Philippine Government debt is now at P7.8 Trillion

At the start of 2019, the debt stock of our country had an increase of 6.8 percent (P494.31 billion) coming from the P7.29 trillion that was recorded at the end of 2018.

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Last March, one of the reasons that the national government’s total debt went up was because of the adjustments in the exchange rate.

In comparison to June, there was a 0.8 percent (P64.58 billion) decline caused by domestic redemptions and peso appreciation.

Since the beginning of 2019, there has been P511.55 billion worth of new loans and the national government’s domestic debt amounted to P5.25 trillion, according to the Bureau of the Treasury.

The government’s debt increased by 10.8 percent (P7.8 trillion) amounting to P760.47 billion in new loans at the end of July.

“External Debt in the Philippines averaged 49965.45 USD Million from 1981 until 2018, reaching an all-time high of 79949.42 USD Million in 2012 and a record low of 20893 USD Million in 1981,” according to tradingeconomics.com.

To contribute to the spending of the Duterte administration, the national government is borrowing from local and foreign sources which include, credit lines from multilateral institutions, issuance of bonds and official development assistance loans from foreign nations.

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