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Philippines Economy News

Government debt rises 72% as of end-July

government debt rises 72 as of end july 816x445 - Government debt rises 72% as of end-July

GOVERNMENT DEBT rose by 72.8% year on year at the end of July to P729.27 billion, the Bureau of the Treasury said.

In its latest cash operations report, BTr said new borrowing in July from foreign creditors amounted to P1.67 billion, against P4.58 billion in net redemptions of debt owed to domestic creditors.

In the seven months to July, overseas borrowing was P119.13 billion while domestic borrowing amounted to P610.14 billion.

Project loans in July totaled P3.22 billion, up from P1.68 billion a year earlier.

The government is looking to raise P1.189 trillion this year from domestic and foreign sources to fund its budget deficit, which is expected to widen to as much as 3.2% of gross domestic product. — Beatrice M. Laforga

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