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Gov't debt breaches P6 trillion mark after peso weakens

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ABS-CBN News

MANILA - The debt of the national government breached the P6 trillion mark in September this year after the peso weakened against the US dollar, the Bureau of Treasury said.Government&#x27;s outstanding debt from local and offshore lenders reached P6.086 trillion last month, 2.5 percent higher than the P5.935 trillion recorded in the same month last year, the Treasury said.The debt also went up 1.8 percent from P5.98 trillion in August.The increase was attributed to the &quot;foreign currency revaluation,&quot; following the depreciation of the peso to P48.48 against the dollar in September.The Philippine peso weakened by more than 4 percent last month.Meanwhile, the national government&#x27;s gross financing in August declined by 12 percent to P28.65 billion from its P32.62 billion total borrowings a year ago, the Treasury report said.Government mainly borrowed more from domestic sources, amounting to P27.2 billion, down 7.2 percent from the P32.62 billion in the previous year.Government also borrowed P1.45 billion from overseas lenders, down 55 percent from the P3.28 billion financing last year.The Department of Finance earlier urged investors not to be distracted by political noise caused by statements made by President Rodrigo Duterte.&quot;Mr. Duterte remains fully committed to keeping the economy on its upward trajectory and making growth inclusive for all Filipinos,&quot; Finance Secretary Sonny Dominguez said.

MANILA - The debt of the national government breached the P6 trillion mark in September this year after the peso weakened against the US dollar, the Bureau of Treasury said.

MANILA - The debt of the national government breached the P6 trillion mark in September this year after the peso weakened against the US dollar, the Bureau of Treasury said.