The national debt has risen to more than 14.48 Trillion pesos with new obligations from the month of October 2023. Photo courtesy of Asia News Network.
The outstanding debt of the Philippines escalates to P14.48 trillion, caused by the P212 billion latest debt added to its obligations in October.
The obligations added are caused by foreign and domestic loans, and addressing the continuing depreciation of the peso.
In its previous report for the month of September, the Bureau of Treasury (BTr) presented a six percent decline in the country’s outstanding debt amounting to P14.27 trillion from P14.35 trillion in end-August.
The government estimates the growth of national debt to enter a pace of slowing down, but the country’s total obligations is still estimated to balloon to a record P15.84 trillion by 2024.
Economists have warned that the status of debt and Gross Domestic Product (GDP) of the country could inch up against a slowing economy and catch the attention of rating agencies.
BTr is expected to update again after a month, still in consideration of loans and the continuing depreciation of peso since August.