Philippines’ debt balloons to $228.68bn in August

Xinhua Xinhua

30th Sep, 2021. 04:07 pm

MANILA: The Philippines’ debt ballooned to 11.64 trillion pesos (roughly 228.68 billion U.S. dollars) at the end of August, according to the latest data released by the Philippine Bureau of Treasury on Thursday.

The bureau said the country’s total debt increased by 0.28 per cent “due to domestic debt issuance as part of government financing.”

Of the total debt stock, 29.4 per cent was sourced externally, while 70.6 per cent were domestic borrowings.

The country’s foreign debt has increased by 10.4 per cent from the end-December 2020 level, the bureau added.

The Philippines has been waging a costly battle against Covid-19 since the disease emerged in January last year. The highly infectious viral disease has since infected over 2.5 million people, causing more than 38,000 deaths.

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