According to the Bureau of Treasury, P450 billion have been added to the country’s debt in just a month resulting to P9.6T due to the net issuance of domestic securities.
Beginning 2020, the domestic debt has increased by 30% while the external debt has decreased by 0.2% due to an increase in value of the Philippine Peso.
The country needed to borrow after the earnings of the Bureau of Customs (BOC) and Bureau of Internal Revenue (BIR) decreased due to business closures amidst the pandemic. Loans are also meant to support the government programs in aiding affected sectors. – Report from Naomi Tiburcio
