Business

Philippine debt rises to P13.91 trillion as of April

MANILA — The national government’s total outstanding debt reached another all-time high of P13.91 trillion as of the end of April 2023, the Bureau of Treasury reported.

The total is P54.24 billion or 0.4 percent more than that of the previous month, the treasury bureau said.

The increase was attributed to the net issuance of external debt and local currency depreciation against the US dollar, it added.

Out of the total debt stock, 32 percent was sourced externally while 68 percent were domestic borrowings, the bureau said.

The government earlier said its debt-to-GDP ratio improved to 60.9 percent in 2022.

Also in April, foreign debt increased by 2.5 percent to P4.45 trillion as new borrowings exceeded payments made.

Meanwhile, local debt decreased by 0.6 percent to P9.46 trillion mainly because the government redeemed more securities than it issued that month.