Philippine gov’t debt soars to P11.93 trillion in November
The debt was slightly lower, by P39.7 billion, compared to October primarily due to the net redemption of domestic securities and favorable foreign exchange rates, the treasury bureau said.
Since the start of 2021, the country has added nearly P2.14 trillion to its debt, data from the treasury bureau showed.
Foreign debt, meanwhile, totaled P3.49 trillion. From the start of the year, external debt has increased by P390 billion.
Last week, the treasury bureau also reported that the Philippines’ 2021 budget deficit had risen to P1.3 trillion as of November, surpassing the budget gap registered in the same period last year by P263.2 billion.
The Philippines has been borrowing heavily to finance its COVID-19 response, as well as its ambitious infrastructure program. (Jeanne Michael Penaranda)