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Philippine national debt at P12.79 trillion as of end-June 2022

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<p>MANILA — The Philippine national government&#x27;s total outstanding debt reached P12.79 trillion as of the end of June 2022 or the first half of the year, data from the Bureau of Treasury said Friday.</p><p>The debt stock climbed 2.4 percent in June due to the net issuances of domestic and external loans as well as currency adjustments, the Bureau of Treasury said in a statement. </p><p>Out of the total debt, 31.5 percent was sourced externally while 68.5 percent were domestic borrowings, the BTr said.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/07/01/22/ph-debt-slightly-declines-to-p1250-trillion-in-may">Philippines&#x27; total debt slightly declines to P12.50 trillion in May</a></li></ul><p>Domestic borrowings reached P8.77 trillion or 1.2 percent higher compared to May, while external debt hit P4.02 trillion which rose by 5.1 percent, data showed.</p><p>&quot;The increment in external debt was attributed to the impact of local currency depreciation agains the USD amounting to P186.94 billion,&quot; it said.</p><p>Net availment of external financing also offset the effect of the net depreciation against the US dollar on third-currency denominated obligations, the agency said.</p><p>External debt rose by 7.3 percent compared to the end-December 2021 level, it added.</p><p>Finance Secretary Benjamin Diokno earlier said the country does not need to borrow that much as the economy showed signs of continued recovery from the impact of the COVID-19 pandemic. </p><p>The Philippines borrowed heavily in the last 2 years to fund its pandemic war chest. </p><p>But Diokno said the country&#x27;s economic growth could easily outweigh its debts. The economy grew faster than expected at 8.3 percent in the first half of 2022.</p><p>In his first State of the Nation Address, President Ferdinand Bongbong Marcos Jr said he aimed to cut the country&#x27;s debt-to-GDP ratio to below 60 percent or the global standard, from 63.5 percent in March.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/05/13/22/ph-debt-to-gdp-ratio-balloons-to-635-pct-in-march">Philippines&#x27; debt-to-GDP ratio balloons to 63.5 percent as of end March</a></li>	<li><a href="https://news.abs-cbn.com/news/06/03/22/cause-for-concern-as-ph-debt-doubles-under-duterte-says-think-tank">Cause for concern as PH debt doubles under Duterte, says think tank</a></li></ul><div><strong>RELATED VIDEO:</strong></div><figure class="op-interactive"><iframe allow="autoplay; fullscreen" frameBorder="0" height="100%" id="ivsplayer01" scrolling="no" src="https://player.ivideosmart.com/ivsplayer/v4/dist/html/iframe-src.html?iframeid=ivsplayer01&amp;key=e8c22c015ca9eafa76f1e3edfa03c603&amp;spid=3001339&amp;vid=2034390" width="100%"></iframe></figure><div class="iwantbar">Watch more News on <a href="https://www.iwanttfc.com/#!/browse/Genres/News/tag_id_genres/id_news" target="_blank">iWantTFC</a></div>

The Philippine national government's total outstanding debt reached P12.79 trillion as of the end of June, data from the Bureau of Treasury showed.