Philippines' debt rose 1 pct in August-Xinhua

Philippines' debt rose 1 pct in August

Source: Xinhua| 2022-09-30 17:20:30|Editor: huaxia

MANILA, Sept. 30 (Xinhua) -- The Philippines' debt reached 222 billion U.S. dollars at the end of August, 1 percent higher than the debt incurred in end-July, the Philippine Bureau of Treasury said on Friday.

The bureau attributed the increase in debt portfolio to the net issuances of domestic securities and currency adjustments.

Of the total debt stock, the bureau said 31.3 percent was sourced externally, while 68.7 percent were domestic borrowings.

"The national government debt has increased by 1.29 trillion pesos (roughly 22 billion U.S. dollars) or 11 percent since end-December 2021," the bureau said.

The bureau added that the country's external debt increased by 14.6 percent in August from the end-December 2021 level due to "currency fluctuations that increase the peso value of foreign denominated obligations."