The Philippines' total outstanding debt hit P11.07 trillion in end-May, as the government borrowed more to finance the country's needs amid the coronavirus pandemic.
The Bureau of the Treasury on Monday, July 5, reported that the debt stock slightly went up by P79.8 billion or 0.73% fromOf the total debt stock, 28.5% was sourced externally, while 71.5% are domestic borrowings. Domestic debt in May amounted to P7.9 trillion, 1.3% or P103.4 billion higher than in end-April, as a result of the net issuance of government securities.
External debt in May reached P3.155 trillion, 0.74% or P23.56 billion lower from end-April. This was due to local currency appreciation against the United States dollar and net repayment of foreign loans amounting to P220 million. These more than offset the P5.24-billion revaluation in the peso value of debt denominated in other currencies such as the euro and Japanese yen.
The government is looking at a higher budget deficit of 9.4% in 2021, as government revenues fall amid the pandemic and corporate income taxes are reduced through the Corporate Recovery and Tax Incentives for Enterprises law.
Yeheey, galing naman ni DutertePalpak; pag labas ng apo ko may utang kaagad siyang 100,000 pesos.
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