THE national government’s debt stock dipped to P12.5 trillion as of end-May, a month before the end of former President Duterte’s term.
Meanwhile, government’s foreign debt inched up by 0.1 percent to P3.83 trillion as of end-May from P3.827 trillion as of end-April because of the local and foreign currency fluctuations against the US dollar. As of end-May, the Treasury said the peso depreciated against the greenback to reach P52.412 from P52.335 as of end-April.
Outstanding guaranteed debt of the NG as of end-May also stood at P399.72 billion, down by 3.3 percent from P413.43 billion recorded in the previous month, owing to the repayment of both domestic and external guarantees amounting to P8.41 billion and P6.48 billion, respectively. The NG’s debt-to-GDP ratio as of the first quarter of the year rose to 63.5 percent, above the internationally recommended 60-percent threshold by multilateral lenders for emerging markets like the Philippines. It is also the highest since the country’s debt-to-GDP ratio hit 65.7 percent in 2005 under the Arroyo administration.
Source: Loan Digest (loandigest.net)
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