The Bureau of Treasury (BTr) reported that the outstanding debt of the Philippines increased to ₱11.61 trillion as of the end of July 2021.
In a statement, the bureau disclosed that the national government’s total debt increased by ₱444.43 billion or 4.0% due to “peso depreciation and the net availment of both domestic and external debt.”
Department of Finance (DOF) Secretary Carlos Dominguez III initially said the increase of the debt level is “temporary.”
“I would like to emphasize again that the increase in our debt level is only temporary. It did not stem from profligate public spending, but rather resulted from a universal shock that deteriorated the financial positions of almost all countries around the world.”
Meanwhile, the government hopes to regain the revenue performance of the country with the help of fiscal reforms.
Report from Naomi Tiburcio/NGS- bny
