Business News

Philippines debt rises to P13.7-Trillion as of January 2023

MANILA – The national government’s total outstanding debt rose to P13.7 trillion as of the end of January from P13.42 trillion the previous month, the Bureau of Treasury saidy.

The P279.623 billion or 2.1 percent increase was due to the net availment of domestic and external debt, Treasury said in a statement.

Out of the total debt stock, 31.5 percent was from foreign lenders, while 68.5 percent was domestic borrowing, the agency said.

Domestic debt amounted to P9.38 trillion, 1.9 percent higher compared to December, while external debt was at P4.31 trillion, up 2.4 percent, Treasury said.

The government earlier said its debt-to-GDP ratio improved to 60.9 percent in the third quarter of 2022. A 60 percent debt-to-GDP ratio was considered high by global standards.