The Philippines' outstanding debt climbed to PHP 12.89 trillion by the end of July, according to the data released by the Bureau of Treasury (BTr).
The debt stock as of the end of the seventh month of the year grew 0.8% or by PHP 96.09 billion from the P12.79 trillion left by the Duterte administration at the end-June 2022.
According to the Treasury, the debt stock further swelled since the end-June "due to the net issuances of domestic and external loans."
It noted that 68.5% of the total amount were domestic borrowings while 31.5% were foreign loans.
The bureau said, however, that the country's debt-to-GDP (gross domestic product) ratio has improved to 62.1% — from 63.5% during the first quarter of the year — "as the economy continues to recover from the health crisis."
President Ferdinand Marcos Jr. earlier vowed that the government would bring down the country’s debt to less than 60% debt-to-gross domestic product (GDP) ratio by 2025.
Finance Secretary Benjamin Diokno also expressed confidence that the country will be able to settle its obligations in the long run.
