Update on Total Amount of Philippine Debt to Other Countries, Local Lenders
PHILIPPINE DEBT TOTAL AMOUNT – The Bureau of Treasury revealed the total amount of the debts of the Philippines as of July 2021.
It is no secret to the Filipinos that the Philippines is borrowing money to cope with all the challenges before it – most especially the COVID-19 pandemic now. The country has outstanding loans to both local and foreign lenders.
Amid the COVID-19 pandemic now, one of the debts of the country was the loan for the coronavirus vaccines. The national government was vocal about borrowing money from the World Bank to purchase vaccines in the pursuit of population protection.
However, the Filipinos only know about the move to borrow money from international entities. The prior reports or announcements seldom contain the exact amount of the loans.
Recently, a report by ABS-CBN News contained the total amount of the Philippine debt as of July 2021. In the first month of the second half of the year, the country’s total debt reached P11.61 trillion.
According to the report, the Philippine debt total amount of P11.61 trillion includes the P444.43 billion increase due to the depreciation of the Philippine Peso. It is 4% of the total loans of the country.
Thirty point one (30.1) percent of the total debt of the country was a foreign credit while 69.9% was from local lenders. An 18.53% or amounting to P1.82 trillion was added to the total amount since the start of the year 2021. With regards to the domestic debt, it reached P8.12 trillion – 2.3% higher compared to the total amount as of the end of June 2021.
Starting at the end of December 2020, the foreign debts of the Philippines reportedly increased by P390.55 billion or 12.6%. A huge part of the debt of the country is for its fight against the COVID-19 pandemic.