Gov’t debt inched up to new high of P16.92T in May

Gov’t debt hit new record high in May

MANILA, Philippines – The government’s outstanding debt rose to a new record high of P16.92 trillion in May, with a strong peso helping temper the increase.

Data from the Bureau of the Treasury (BTr) showed state liabilities inched up by 0.99 percent month-on-month.

READ: Gov’t debt hit record P16.75T in April

“The minimal increase was primarily driven by the successful net issuances of new domestic securities, which reflect sustained investor confidence in the Philippine economy,” the BTr said.

“This was partially offset by the valuation effects of a stronger peso, helping reduce the value of external obligations,” it added.