Philippine debt swelled to PHP9.05 Trillion as the government continues to borrow funds in battling the COVID-19 Crisis.

In a statement released by the Bureau of Treasury, the outstanding debt of the Philippines breached 9.05 Trillion in the first half of the year. The government has borrowed at least P1.3 trillion more compared to 2019’s debt level.

About two-thirds of the debt came from domestic investors amounting to P6.2 trillion, including the Bangko Sentral ng Pilipinas releasing a P300B credit line in back in March, a P676.9 billion in short-dated T-bills, P387.9 billion in T-bonds, P310.8 billion in three-year retail treasury bonds (RTBs) issued in February.

The remaining third of the debt was sourced from foreign loans reaching P2.9 trillion. The government has acquired P216 billion in loans, which includes the ₱130.5 billion from the Asian Development Bank and ₱85.8 billion from the World Bank.

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Jermaine Ocampo
News editor