PH debt rises to ₱11.6-T

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

Popular

SSS to roll out 3-year pension hike starting September 2025

By Anna Leah Gonzales | Philippine News Agency State-run Social Security System (SSS) said it will implement a Pension Reform Program, which features a structured,...

DOE to talk with DSWD, DILG for Lifeline Rate utilization

By Joann Villanueva | Philippine News Agency The Department of Energy (DOE) is set to discuss with other government agencies the inclusion of more Pantawid...

Zero-billing for basic accommodation in DOH hospitals applicable to everyone —Herbosa

By Brian Campued The “zero balance billing” being implemented in all Department of Health (DOH)-run hospitals across the country is applicable to everyone as long...

DepEd committed to address classroom shortage

By Brian Campued Department of Education (DepEd) Secretary Sonny Angara on Wednesday emphasized the importance of Public-Private Partnerships (PPPs) in addressing the shortage of classrooms...