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PH debt breaches P10-T mark in end-October

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ABS-CBN News

<div class="embed-wrap"><figure data-feedback="fb:likes,fb:comments"><img src="https://sa.kapamilya.com/absnews/abscbnnews/media/2020/afp/03/10/20150908-philippine-peso-afp-3.jpg"/></figure></div><p>MANILA - The national government&#x27;s total outstanding debt reached P10.03 trillion at the end of October, the Bureau of Treasury said on Friday.</p><p>This grew by P658.81 billion or 7.03 percent from last month &quot;primarily due to external and domestic loan availment,&quot; the Treasury said.</p><p>Compared to the same month a year ago, the debt swelled by P2.12 trillion or 26.8 percent.</p><p>Of the total outstanding debt, 28.4 percent were from foreign sources, while 71.6 percent were from local creditors, the Treasury added.</p><p>The government continued to borrow from domestic and foreign institutions to fund its fight against the COVID-19 pandemic.</p><p>From January to October, the country&#x27;s domestic debt rose by P1.9 trillion, while foreign debt increased by P346.64 billion.</p><p>One major contributor to the higher debt was the country&#x27;s P540-billion fresh loans from the Bangko Sentral ng Pilipinas secured within the month. The funds were for the government&#x27;s COVID-19 response.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/09/30/20/govt-asks-for-fresh-p540-billion-loan-from-bangko-sentral">Gov&#x27;t asks for fresh P540 billion loan from Bangko Sentral</a></li></ul><p>The Philippine economy shrunk 11.5 percent in the third quarter, and is seen to cap the year with up to a 9.5 percent contraction due to slower economic activity from the COVID-19 related community quarantines.</p><ul class="op-related-articles">	<li><a href="https://news.abs-cbn.com/business/12/03/20/economic-managers-see-gdp-shrinking-up-to-95-percent-this-year">Economic managers see GDP shrinking up to 9.5 percent this year</a></li>	<li><a href="https://news.abs-cbn.com/business/11/10/20/dissecting-data-ph-economy-sees-second-worst-contraction-on-record-in-third-quarter">Dissecting Data: PH economy sees second worst contraction on record in third quarter</a></li></ul><figure class="op-interactive"><iframe src="https://www.youtube.com/embed/-XcehFnn8ts?enablejsapi=1"></iframe></figure><div class="iwantbar">Watch more in <a href="//www.iwantv.com.ph/">iWantv</a> or <a href="//tfc.tv/">TFC.tv</a></div>

<p>The national government's total outstanding debt reached P10.03 trillion at the end of October, the Bureau of Treasury said on Friday.</p>

The national government's total outstanding debt reached P10.03 trillion at the end of October, the Bureau of Treasury said on Friday.