Update on Philippine Debt as of End of October 2021
PHILIPPINE DEBT – The Bureau of Treasury revealed the total debt of the Philippines as of the end of October 2021.
A crisis is currently happening in the Philippines due to the COVID-19 pandemic. The situation now is one of the main causes of the debts of the country increasing while the economy is struggling. Many businesses closed amid the pandemic.
Even before the pandemic, the country already has outstanding debts which were used to fund certain projects. When the pandemic happened, the national government had to borrow more money for the procurement of vaccines for the people. Fortunately, several other nations have also donated vaccines to the country.
Recently, the Bureau of Treasury released details about the Philippine debt as of the end of October 2021. It spiked compared to the debt in the same period last year.
According to the Bureau of Treasury, the total Philippine debt reached P11.97 trillion as of the end of October 2021. It is 19.38% higher compared to the debt in October 2020. It is 22% higher compared to the debt when this year started.
Based on the report, an additional P1.9 trillion was made by the Philippine government to the national budget since October 2020. Out of the total debt of the country now, 29.3% of it came from external sources while 70.7% are domestic debts.
The country’s domestic debt is at P8.47 trillion which is P1.77 trillion or P8.47 million higher compared to the domestic debt since the start of this year. With regard to the foreign debt, it was at P3.5 trillion. Since the start of 2021, it rose by 12.99%, or P402.81 billion.
Reportedly, the economic managers said that the gross-domestic product (GDP) of the Philippines remains sustainable despite the rise in the country’s total debts.
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