Tue, 26 Sep 2023

Philippines' debt rises by 0.4 pct in end-April

31 May 2023, 18:30 GMT+10

MANILA, May 31 (Xinhua) -- The Philippines' debt rose to 13.91 trillion pesos (roughly 247 billion U.S. dollars) as of end-April, a 0.4 percent increase from total outstanding debt recorded in end-March, the Philippines' Bureau of Treasury said on Wednesday.

Of the total debt stock, 68 percent was sourced domestically, while 32 percent was external borrowings.

The bureau said the country's external debt amounted to 4.45 trillion pesos (roughly 79 billion dollars), 2.5 percent higher than in March.

The bureau attributed the rise in the national government's external debt in April to the net availment of foreign loans and the impact of local-currency depreciation against the U.S. dollar.

On the other hand, the bureau said third currency adjustments against the U.S. dollar trimmed 12.30 billion pesos (roughly 218.5 million dollars) from the peso value of foreign currency debt.

From the end-December 2022 level, the country's external debt has increased by 5.8 percent, it added.

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